A fresh report released by Ripple claims that more people, especially executives of business enterprises, are now becoming more receptive to the concept of quick cross-border transactions. To get to this conclusion, Ripple conducted a survey involving over 1,000 business leaders.
The company targeted executives from 21 countries, although most of the people came from Asia. The industries targeted included retail banking, money transfer institutions, and digital banking. This should not come as a surprise given that Ripple is itself a global company that provides cross-border payment solutions to hundreds of its clients across the world.
Cryptos For Cross-Border Payments
If the results of the survey are anything to go by, it’s clear that most of the respondents are very much in love with the usage of digital assets (cryptos) for cross-border payments. Indeed, a few of Ripple’s customers are already using its payment solution, the xRapid, that uses XRP to settle cross-border transactions.
One of the reasons the respondents gave for supporting cross-border payments is the growing capacity for market expansion. With these kind of payments, entities can increase their market presence in already existing markets and introduce their services to new markets as well.
Why The Massive Support?
Indeed, cross-border payments powered by the blockchain technology seem to have gained favor in many important quarters in the business world. In fact, close to 90% of the respondents expressed great interest in venturing into blockchain, a move that would pay-off hugely in fostering the growth of the new technology.
According to the report, many executives support cross-border payments fueled by digital assets like XRP due to their efficiency in terms of security, capital requirements, speed, and fees. As such, many of the respondents expressed support for Ripple’s payment solutions, especially where XRP is involved.
However, there was a general consensus that the industry needs more transparent regulatory frameworks for it to grow properly.