Ripple’s Survey Says Blockchain will Save Institutions $10B by 2030
- Ripple conducted a survey on blockchain in collaboration with the US Faster Payments Council.
- Participants included leaders from sectors like fintech, banking, and retail, across 45 countries.
- 97% of the participants believe blockchain will play a vital role in enabling faster payments in 3 years.
- Blockchain technology is expected to save banking institutions around $10 billion by 2023.
American payments firm Ripple claims that blockchain technology will save financial institutions around $10 billion in cross-border payments costs by 2030. It is important to mention here that cross-border remittances are one of the most praised features of blockchain technology due to the absence of centralized authorities and low fees.
According to a survey published by Ripple on July 29 in collaboration with the US Faster Payments Council (FPC), various leaders from different sectors like fintech, banking, and retail, across 45 different countries around the world were involved in the survey.
The report concluded that “nearly every surveyed leader (97%) believes blockchain technology and cryptocurrency will have a significant or very significant role in enabling faster payments within the next three years.”
“Juniper Research supports this notion, pointing to blockchain’s potential to significantly increase savings for financial institutions conducting cross-border transactions – an estimated $10 billion by 2030,” said Ripple.
Ripple also claims that it sees a substantial increase in international payment transactions via blockchain technology by 2030. Moreover, according to the survey, participants said that global cross-border payment flows are expected to reach $156 trillion, driven by a 5% compound annual growth rate (CAGR).
Additionally, the report said that 50% of surveyed leaders believe that most merchants will accept crypto payments within one to three years. Middle East and African participants are bullish, and 27% believe that they’ll cross this threshold within the next year. This is because governments around the world are currently experimenting with central bank digital currencies (CBDCs) and mobile payments.
Interestingly, in the survey, Ripple said that over 50% of respondents believe that lower payments costs—both domestically and internationally—are crypto’s primary benefit. Meanwhile, 90% of surveyed leaders acknowledge some “cost improvements related to international payments,” and 75% expect domestic cost benefits.
As reported earlier by Bitnation, after partially winning the lawsuit against the United States Securities and Exchange Commission (SEC), Ripple Labs announced that it will spearhead the initiative to transform the real estate industry using tokenization.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
