The post Ripple’s Payments Lead Sees $300T Market appeared on BitcoinEthereumNews.com.

Ripple aims to transform global payments by 2030, using XRP and blockchain to make cross-border transactions faster, cheaper, and more efficient. XRP’s value could grow significantly as Ripple expands its role in managing the projected $300 trillion cross-border flow. Ripple is on its way to transforming the cross-border payments system worldwide, as explained by Pegah Soltani, the Ripple Head of Payments Products. In a video posted by a user Xaif (@Xaif_03) on X, Soltani explained how Ripple plans to solve problems with existing payment systems, noting its ability to revolutionize international finance by 2030. Addressing Cross-Border Payment Challenges Soltani added that it was estimated that the volume of cross-border flows would be $300 trillion by 2030. However, the traditional payment system is still characterized by high costs, a long transaction processing cycle, and a high rate of error. Ripple, a company focused on creating blockchain-based solutions that can perform faster and cheaper and are more transparent compared to the current methods for international payments, is addressing such concerns. It established an efficient system where assets such as XRP act as a bridge currency, thus reducing the cross-border transaction time. For example, when a firm based in the United Kingdom wants to send money to another firm in the Philippines, Ripple’s technology guarantees that the cash will be translated to Philippine pesos in real-time. Soltani talked of the reliability and efficiency of the process, asserting that Ripple’s global partner base backs this. The Role of XRP in Connecting Underserved Markets Worldwide New capabilities, such as the global payout network, allow Ripple to tap into opportunities in the many markets and currencies not offered by existing players. Any business can begin implementing Ripple’s payment products in under three weeks, with the new settlements in seconds instead of days. Such speed and scalability…

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Filed under: News - @ January 1, 2025 12:21 pm