Blockchain Expected to Power $250 Trillion Cross-Border Payments Industry by 2027

A recent report released by fintech giant Ripple reveals the growing role of cryptocurrencies and blockchain technology in cross-border payments , a sector that is 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 ripe for improvement, and that cryptocurrencies and blockchain can enable efficient fund transfers. According to the report, 44 percent of respondents identified payments as the most likely driver of cryptocurrency adoption, and nearly half identified cross-border payments as a key use case for cryptocurrencies. More than 80 percent of global financial leaders expect to use cryptocurrencies in their businesses in the next three years. The report also notes that mobile banking is expected to be used by more than 65 % of the U.S. population by 2025, while online banking is expected to reach nearly 1 billion users in Asia by 2024.