Ripple research: Blockchain could save financial institutions $10 billion by 2030.

Of the 300 financial professionals surveyed in 45 countries, 97% believe blockchain will play a crucial role in faster payment systems over the next three years.

A recent report by digital payment network Ripple, in collaboration with the U.S. Faster Payments Council (FPC), has shed light on the vast potential of blockchain technology to revolutionize cross-border payments. The study involved 300 financial professionals from 45 countries, representing various sectors, including fintech, banking, media, consumer technology, and retail. The findings revealed that an overwhelming 97% of participants firmly believe that blockchain will play a pivotal role in facilitating faster payment systems over the next three years.

"In the survey, more than 50% of respondents believe that lower payment costs - both domestic and international - are the main benefit of crypto," notes the report.

The most significant advantage of cryptocurrency, as cited by over half of the respondents, is the potential for substantial cost savings in both domestic and international payments. Specifically, the report suggests that financial institutions stand to save approximately $10 billion in cross-border payment costs by around 2030, supported by Juniper Research's prediction of significant cost reductions over the next six years.

"Juniper Research supports this idea and points to blockchain's potential to significantly increase savings for financial institutions conducting cross-border transactions - an estimated $10 billion by 2030."

With e-commerce expanding globally and companies increasingly focusing on international markets, cross-border payments are expected to surge in the coming years. The report forecasts that global cross-border payment flows could reach an astounding $156 trillion by 2030, driven by an annual growth rate of 5%.

"Global cross-border payment flows are expected to reach $156 trillion - driven by a compound annual growth rate of 5%," the report said.

While the majority of respondents expressed confidence in the future adoption of digital currency payments by retailers, opinions differed on the timeline for such integration. About 50% of participants believed that most retailers would embrace crypto payments within the next three years. However, the level of confidence varied across regions, with participants from the Middle East and Africa showing the highest assurance, with 27% expecting retailers to accept crypto within a year. In contrast, leaders in the Asia-Pacific region displayed the least confidence, with only 13% expecting such adoption within the same timeframe.

Moreover, the report highlights the growing interest in Central Bank Digital Currencies (CBDCs). Research from the Bank of International Settlements (BIS) indicated that up to 24 CBDCs could circulate within six years. According to the BIS report, 93% of central banks are currently researching CBDCs, and it is anticipated that by 2030, up to 15 retail and nine wholesale CBDCs could be in circulation.

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