Recently, the digital payment network Ripple and the U.S. Faster Payments Council (FPC) have published an important report on blockchain technology and the potential cost savings in cross-border payments. According to the report, blockchain has the potential to help financial institutions save around $10 billion in cross-border payment costs by 2030.
The report is based on insights from 300 financial experts from various fields, including fintech, banking, and retail, from 45 different countries. The results show that 97% of them have confidence in blockchain, believing that this technology can revolutionize the current financial payment system. It promises to facilitate faster and cheaper payment transactions.
Moreover, fintech analysis firm Juniper Research has also predicted significant savings for banks over the next six years through the global adoption of blockchain technology.
As e-commerce continues to expand, and businesses prioritize international markets, the volume of cross-border payments is expected to surge in the future. The report also highlights a significant increase in international payment transactions by 2030.
Another noteworthy event is the International Settlements Bank (BIS) revealing that there could be up to 24 central bank digital currencies (CBDCs) by 2030. BIS conducted a survey involving 86 central banks from October to December 2022, and found that 93% of them are actively researching CBDCs. It is anticipated that 15 CBDCs will be consumer-oriented, and 9 CBDCs will be issued for organizations by the year 2030.