Ripple’s XRP stands to gain with crypto payments adoption at 45% by 2023

Rick Steves

Capgemini found that increasing cross-border payment needs, higher transaction fees, and lack of standardization in global payments are prompting the move toward crypto.

Capgemini has published its World Payments Report 2021, a research study that finds a gap between consumer expectations and executives’ priorities in the space.

As use of alternative payments is skyrocketing, banks must urgently embrace the next generation of payments to stay in the race, the consulting company stated.

The report found that nearly 45% of consumers frequently use mobile wallets to make payments (>20 transactions a year) up from 23% in the 2020 poll.

Furthering this trend, global B2B non-cash transactions will increase to reach nearly 200 billion transactions by 2025, from 121.5 billion in 2020.

Capgemini took note of the alternative payment methods and their adoption rates in the next year or two, signaling a spectacular change in the space in such short period.

The percentage of consumers using Buy Now Pay Later (BNPL) services is about 20%, but the figure is likely to rise to 60% in the next 1-2 years as they see it as a cheaper alternative to credit cards.

Invisible and biometric payments both account for less than 10% but the figure is likely to move closer to the 50% mark.

The most interesting finding in the Capgemini report is that cryptocurrency payments, which adoption rate is in the single digits, are expected to grow to more than 45% in the next year or two.

This means that nearly half of consumers of payments services will be using cryptocurrencies in the very near future.

Capgemini found that increasing cross-border payment needs, higher transaction fees, and lack of standardization in global payments are prompting the move toward crypto.

While many blockchain firms and foundations are competing in the cross-border payment territory, Ripple Labs has been able to stand out from the crowd early on by partnering with banking giants and making its XRP-powered solutions go live across the globe, successfully.

The Capgemini report’s findings on crypto adoption, if proven true, could help Ripple further its goal of establishing XRP as a leading payments protocol worldwide.

As part of its move to drive interoperability with global payment networks, Ripple has become the first blockchain-focused payments company to join the ISO 20022 standardization committee.

This was in 2020, but Swift and the European Central Bank decided to shift the ISO 20022 migration date for cross-border payments from November 2021 to the end of 2022.

Days ago, however, the U.S. Federal Reserve has declared that Fed banks are going to implement the ISO 20022 system for Fedwire Funds Service (FFS). So, Ripple was locked and loaded two years in advance.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<