Our global financial system moves trillions of dollars a day and serves billions of people, but the movement of money internationally remains complex, costly, fragmented, and archaic. The fact that it would be faster to fly a bag of cash across borders than to wire funds via a bank is confounding. The reality is that our system is rife with inefficiencies, adding cost through fees and delays and creating friction through redundant processes that make transacting a logistical nightmare.
Fortunately, cryptocurrency and blockchain technologies are ushering in a new era of digital payment innovation poised to revolutionize the very nature of how we move and manage money – the early stages of which are now underway.
While some headlines illustrate doom and gloom, the relentless focus on cryptocurrency trading prices cloaks an important trend: crypto payment adoption is on the rise, with a forecasted 5.5 million crypto payment users in 2023 (a 350% increase from three years ago). Moreover, mainstream brands and established financial institutions alike are crowding into the digital currency space with new crypto-enabled tools and services that make for faster, more secure, and cost-effective financial transactions.
Within the past six months, mainstay companies like PayPal, Shopify, and even the U.S. Federal Reserve, have rolled out new blockchain-powered digital payments tools – stoking new confidence in the sector from both consumers and businesses. With over 15,000 businesses accepting crypto payments worldwide today, it’s no longer a question of whether crypto is here to stay, but how much longer until crypto-powered technologies seamlessly facilitate the movement of data and value in our daily lives.
While frictionless mass adoption in the tech and commerce sector may be in the early innings, other mature use cases with compelling real-world utility, like cross-border payments, have already gained traction – with B2B cross-border transactions on blockchain projected to reach as high as 745 million transactions by 2025.
With their inherent flexibility, utility, and 24/7/365 availability, cryptocurrencies are increasingly being used to enable instantaneous cross-border transactions, allowing for real-time funds settlement. This bypasses the pain and costs for end-users and…
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