Ripple Report: Enterprises and Institutions Need to Adapt to the Impact of Cryptocurrencies and CBDCs on Global Payment Methods

2024-05-31 17:31:05

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ChainCatcher news, Ripple's recently released report "2023 Regional Payment Trends" shows that cryptocurrencies and central bank digital currencies (CBDCs) are playing a transformative role in the global payments landscape. The Latin American region is witnessing a digital transformation, and despite existing institutions resisting, the region is shifting towards cryptocurrency-driven solutions and central bank digital currencies. In Africa, crypto payments have improved the accessibility and affordability of payments, with remittance payments surging to over $100 billion last year. Europe's technological leadership and digital-first approach have driven the advocacy for CBDCs and made cross-border payments easier. The report emphasizes that businesses and institutions need to adapt to these changes and harness the power of these innovative payment solutions.

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