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

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

Capgemini has published the 2021 Global Payments Report, a research study that found a gap between consumer expectations and the priorities of CEOs in the space.

The advisory said that due to the rise in the use of alternative payments, banks must urgently adopt the next generation of payments to stay in the race.

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

To reinforce this trend, global cashless transactions between businesses will increase to nearly 200 billion by 2025, from 121.5 billion in 2020.

Capgemini has taken note of alternative payment methods and their rates of adoption in the next year or two, indicating an astonishing change in the space in such a short period.

The percentage of consumers who use Buy Now Pay Later (BNPL) services is around 20%, but the number is likely to rise to 60% in the next two years, as they see it as a cheaper alternative to credit cards.

Invisible and biometric payments account for less than 10% but the number is likely close to 50%.

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

This means that almost half of consumers of payment services will use cryptocurrencies in the very near future.

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

While many blockchain companies and institutions compete in the cross-border payment arena, Ripple Labs managed to stand out from the crowd early on by partnering with banking giants and successfully making their XRP-powered solutions work around the world.

The findings of the Capgemini report on cryptocurrency adoption, if validated, could help advance Ripple to achieve its goal of establishing XRP as the leading payment protocol worldwide.

As part of its move to advance 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 change the carryover date of ISO 20022 for cross-border payments from November 2021 to the end of 2022.

Days ago, the US Federal Reserve announced that federal banks will implement the ISO 20022 Fedwire Money Service (FFS) system. Therefore, Ripple was locked and loaded two years ago.

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