Ripple’s just concluded survey has it that the border payments are expected to reach $250 trillion by 2027. This parabolic climb indicates cryptocurrencies’ increasing acceptance in the financial sector.
This prediction is seen as reinforced by the rising popularity of digital currencies and the rising acceptance of online and mobile banking services globally. A study by Ripple found that 44% of participants think that payments will drive the adoption of cryptocurrencies in the future.
The study has demonstrated the growing acceptance of cryptocurrencies as a practical method for transactions, particularly those that traverse borders. The growing use of mobile banking has been linked to one of the main causes of this increase.
A survey report captured on Ripple’s official Twitter handle showed that over 65% of the United States population is anticipated to use mobile banking services by 2025. The Asian continent has also seen a significant rise in the use of online banking. The region has been named a prominent player in the digital financial sector, with one billion users predicted by 2024.
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While speaking on the topic, Times Tabloid’s cryptocurrency analyst Adedoyin Aka said, “It is not surprising that more people are using digital assets for cross-border payments because they provide faster, less expensive, and more secure cross-border transactions than traditional banking systems.”
In their tweet, Ripple encouraged it’s online community to download what it termed the “2023 New Value Report” for better understanding of the latest global blockchain industry. Ripple’s latest report also revealed that over 80% of top financial decision-makers worldwide have stated that they plan to incorporate cryptocurrencies into their organizations within the next three years in reaction to this enormous potential.
Financial Institutions Backs Ripple Claims, Enumerate Advantages
The Bank of England’s (BoE) report added credence to Ripple’s forecast. This analysis projects that the cross-border payments industry will develop exponentially, reaching a predicted value of $250 trillion by 2027.
The bank has also warned that the value of using digital assets for cross-border transactions is becoming increasingly apparent to organizations and consumers, which could lead to the eventual datedness of conventional payment methods.
While commenting on the advantages of such development, Aka added that more businesses are engaging in international trade due to increased connectivity and digitalization. He recommended that an adequate cross-border payments are essential to their success.
The Crypto Basic’s analyst, Albert Brown, also commented on the trend, enumerating how vital the latest update is to the global financial sector. According to Brown, Ripple’s forecast emphasizes how relevant and widely used cryptocurrencies are becoming in the financial sector.
Brown also accused the traditional banking system of being unnecessarily slow and expensive when conducting international transactions. Other challenges like time zone, exchange rates, and compliance requirements summed up some of the challenges mentioned as lapses the traditional international transactions encounter.
He added that “the way we conduct cross-border transactions is changing significantly as global finance leaders become aware of the potential advantages and prepare to incorporate cryptocurrencies into their operations.”
Meanwhile, Ripple’s trading activity today has remained stable, with a slight price change. Ripple made a 1.30% downfall to sell at $0.7894. The change also affected the market capitalization, which decreased by 1.30% to settle for $41,475,848,640 in the last 24 hours. It recorded a 24-hour trading volume of $4,486,753,770, which had increased by 35.22% as of press time.