In a recent X post, the Ripple fintech giant announced a recent partnership with Faster Payments Council and released a white paper to explain how Ripple using crypto intends to transform the way money moves around not only the U.S. but globally as well.
Teasing the white paper, Ripple tweeted that the global leaders of the payments industry are "dissatisfied with legacy rails for cross-border payments."
The report referred to by Ripple as a "white paper" explains how leading payment providers expect the crypto and blockchain industry to transform technologies used for payments these days.
Results show that global payments leaders are dissatisfied with legacy rails for cross-border payments.— Ripple (@Ripple) July 28, 2023
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
Crypto and blockchain to enhance payments globally
The report stated that the creation of cryptocurrencies and their growth in the marketplace is now "exciting for the future of payments."
Ripple and Faster Payments Council have conducted a survey, in which more than 300 leaders of the payments industry took part — analysts, directors, VPs and C-level executives.
They come from all levels of this industry — banking, retail, fintech, even media and entertainment — from a total of 45 countries scattered around the world.
Most attractive feature of crypto for payments
The report stressed that even though trillions of USD continue to be sent around the world using "an antiquated and costly payments system," cryptocurrencies and the DLT technology are presenting a growing venue for improving ways to move payments around the globe — this includes lower fees and increased transparency.
A total of 97% of the respondents reckon that blockchain and crypto are able to significantly transform the industry of payments during the next three years, especially cross-border ones. More than 50% of the people who participated in the survey believe that the majority of merchants will start to accept crypto within one or three coming years. They named cost reduction as the most attractive feature of digital currencies.
Ripple is already known to transform the cross-border payments sphere with its ODL technology that allows sending large amounts of funds using XRP. Recently, as reported by U.Today, the fintech giant has begun entering the stablecoins and CBDC sphere as well.