Blockchain Could Save Financial Institutions $10 Billion by 2030 – Report Reveals
According to a recent report, blockchain has the potential to save financial institutions approximately $10 billion in cross-border payment costs by the year 2030.
By Anna B Kiwanuka
A recent report by Ripple and the United States Faster Payments Council reveals the game-changing impact of blockchain on financial institutions. Surveying 300 finance professionals across 45 countries, the findings are clear, 97% believe blockchain will revolutionize faster payment systems within three years.
One of the standout benefits of cryptocurrency, as cited by over half of the participants, is its potential to cut costs significantly. The report highlights a fintech analysis by Juniper Research, predicting $10 billion in savings for banks by 2030.
“Juniper Research supports this notion, pointing to blockchain’s potential to significantly increase savings for financial institutions conducting cross-border transactions, an estimated $10 billion by 2030,” the report states.
With the e-commerce landscape expanding and businesses eyeing international markets, cross-border payments are expected to soar. The report also forecasts a staggering $156 trillion in global cross-border payment flows by 2030.
“Global cross-border payment flows are expected to reach $156 trillion driven by a 5% compound annual growth rate.”
While optimism is high about merchants adopting crypto payments, opinions differ on the timeline. 50% are confident it will happen within three years, while others are more cautious about the following year. Nonetheless, the transformative power of blockchain technology in payments is undeniable.