A recent report by fintech giant Ripple revealed the growing role of cryptocurrencies and blockchain technology in cross-border payments, an area expected to be worth a staggering $250 trillion by 2027.
The report states that the underlying infrastructure that facilitates the transfer of funds from one account to another is mature and needs to be improved, and that cryptocurrencies and blockchains can enable efficient transfers of funds.
According to the report, 44% of respondents believe that payments are the factor most likely to drive the adoption of cryptocurrencies, and nearly half of the respondents believe that cross-border payments are a key use case of cryptocurrencies.
More than 80% of global financial leaders expect to use cryptocurrencies in their business in the next three years.
The report also states that mobile banking is expected to be used by more than 65 percent of the US population by 2025, while online banking is expected to reach nearly 1 billion users in Asia by 2024.