Payment Industry Leaders Believe Blockchain and Cryptocurrency Will Revolutionize Payment Infrastructure

03/03/2023 08:12 • Crypto & Markets • 126 views

On March 3, a white paper recently released by Ripple and the US Fast Payments Council showed that 97% of the payment industry leaders believe that blockchain and cryptocurrency have the potential to accelerate payment in the next three years. According to Ripple’s report released on March 2, nearly 300 payment leaders interviewed from 45 countries reached a consensus that implementing blockchain and cryptocurrency in payment solutions will lead to faster, more economical and more transparent payment infrastructure than the current capital transfer system. In addition, encrypted payment is particularly beneficial to cross-border settlement.

Ripple: 97% of the payment industry leaders interviewed believe that cryptocurrency has the potential to accelerate payment in the future

Interpretation of the news:

The latest white paper released by Ripple and the US Fast Payments Council has revealed that 97% of payment industry leaders believe that blockchain and cryptocurrency have the potential to accelerate payment in the next three years. This consensus was reached by nearly 300 payment leaders from 45 countries interviewed by Ripple who agree that implementing blockchain and cryptocurrency in payment solutions is the key to a faster, more economical and transparent payment infrastructure. Furthermore, it was highlighted that encrypted payment holds immense value for cross-border settlement.

The payment industry is undergoing significant changes with the introduction of innovative technologies such as blockchain and cryptocurrency. Payment systems were developed around the traditional banking infrastructure, which is not inherently fast, efficient, or cost-effective. However, with the use of decentralized systems, blockchain-based payment solutions can offer significant advantages in reducing transaction costs and settlement times.

Innovation in the payment sector is not new, and while mobile and digital payments have become standard in most developed economies, cross-border payments are still slow and costly. According to the World Bank, the average cost of a remittance is around 7%, which means that migrants worldwide lose $25 billion per year on fees. Blockchain-based payment solutions can reduce these fees significantly, providing quicker and safer transactions, which can save billions annually.

Cryptocurrency can bring further value to the payment sector. Its decentralized nature, combined with the ability to conduct instant cross-border transactions, can eliminate the need for intermediaries, which can significantly reduce transaction costs. It also offers greater transparency and security, ensuring the protection of data and funds.

In conclusion, the payment industry is on the cusp of significant disruption, and the introduction of blockchain and cryptocurrency will revolutionize payment infrastructure. The consensus among payment leaders is that it has the potential to accelerate payment, making it faster, more economical, and transparent. Cryptocurrency will eliminate intermediaries and, in combination with blockchain, will enable instant cross-border transactions that can reduce transaction fees and provide significant value to the global economy.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/crypto/4845.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.