An XRP partner now predicts $290 trillion in cross-border payments by 2030, a 53% increase from its current $190 trillion levels.
The global cross-border payment sector is experiencing significant growth.
According to FXC Intelligence, the total value of cross-border payments, currently around USD 190 trillion, is projected to rise by 53% to approximately USD 290 trillion by 2030.
The B2B (business to business) cross-border payment segment is also impressive, valued at USD 39.3 trillion, with expectations of a 43% increase to USD 56.1 trillion by 2023, largely fueled by the growth of B2B e-commerce.
With 11 billion tonnes of goods shipped annually—averaging 1.5 tonnes per person—businesses need to provide faster, more secure, and cost-effective payment solutions.
Tranglo, a partner of Ripple, offers enhanced cross-border payout services with extensive coverage through Ripple Payments.
The Covid-19 pandemic has accelerated the digital transformation for small and medium-sized enterprises (SMEs), pushing them to engage more in cross-border activities to increase revenue.
As B2B cross-border payments gain prominence over consumer payments, there is a clear demand for better payment flexibility and transparency.
Despite 54% of consumers planning to increase their cross-border purchases, payment efficiency remains a significant issue, as noted in a recent Airwallex report.
Businesses encounter several hurdles in cross-border transactions, such as high costs related to foreign exchange, taxes, and transaction fees, which are particularly challenging for B2B transactions that involve larger sums.
Timing and predictability are crucial, as delays can affect liquidity and disrupt supply chains.
Additionally, the lack of transparency in payment tracking can complicate operations and heighten the risk of fraud.
To address these challenges, businesses must choose the right payment service partners, which can greatly improve efficiency, lower costs, and enhance cash flow.
Recognized as a leading player in cross-border remittances by the International Association of Money Transfer Networks (IAMTN), Tranglo provides a comprehensive solution for businesses with a Money Service Business (MSB) license.
Tranglo Business offers a versatile collection and payout solution that accommodates a wide range of transactions, from company-to-company payments to individual payments, covering goods and services as well as loans and capital injections.
XRP is currently trading at $0.55 at the time of this writing.
Read Daily Crypto News for more news and developments like this.
Follow us on CoinMarketCap.
Also Read: Whale Now Loses Whopping $75M Shorting Bitcoin
About The Author
Leave your thoughts below.
Read Daily Crypto News – https://franknez.com/daily-crypto-news/ for more news and updates like this.