Blockchain will save financial institutions $10B by 2030: Ripple

Blockchain has the potential to save financial institutions approximately $10 billion in cross-border payment costs by the year 2030, according to a recent report.

Published by digital payment network Ripple, in collaboration with the US Faster Payments Council (FPC) on July 29, the report surveyed 300 payment leaders across the world, from a range of sectors including fintech, banking and retail, across 45 different countries.

Results show that global payments leaders are dissatisfied with legacy rails for cross-border payments.

Learn why 97% believe #blockchain and #crypto will transform the way money moves in our latest whitepaper with @Faster_Payments. https://t.co/qacuAAzZrR pic.twitter.com/ForjM05Wbb

— Ripple (@Ripple) July 28, 2023

The survey highlighted that 97% of those leaders firmly believe that blockchain technology will play a crucial role in facilitating faster payment systems within the 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.”

It was also pointed out that there is a substantial anticipated increase in global cross-border payment flows by the year 2030.

“Global cross-border payment flows are expected to reach $156 trillion – driven by a 5% compound annual growth rate (CAGR)” it was stated.

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The report revealed a split in opinions among the surveyed leaders. While 50% of them were confident that most merchants would adopt crypto payments within the next three years, there were varied confidence levels whether it would happen within the next year.

8a6e49e9-1dcc-4ba9-9727-66c325cac865.pngRipple and US Faster Payments Council report: 'Transforming the way money moves' report. Source: Ripple

Middle East and African leaders showed the highest level of confidence, with 27% of them believing that most merchants will accept crypto as a payment method within the next year.

Meanwhile, leaders in the APAC region were the least confident, with only 13% believing in the same timeframe. However, across all 300 surveyed leaders worldwide, 17% expressed their belief that such adoption could happen within the next year.

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