Ripple and other related technologies offer a lower cost, faster, and far more efficient method of making cross-border payments.
So, if traditional financial institutions are to meet up with these emerging markets, they need to provide a more superior service or partner with companies like Ripple, Stellar, and even Cardano.
In our Ripple News yesterday, we noted that PayPal had decided to launch a new digital currency wallet that will allow its customers in the United States to buy, sell, and hold XRP tokens. This welcome development might be just what the industry needs to reach mass adoption.
PayPal to Open Digital Currency Wallet for XRP, Bitcoin, and Other Cryptocurrencies Next Year
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Boston Consulting Group Says Ripple (XRP) outperforms Banks in Many Sectors
- PayPal to Open Digital Currency Wallet for XRP, Bitcoin, and Other Cryptocurrencies Next Year
Ripple News Today – Ripple has gotten a lot of attention from some of the most reputable financial institutions across the globe. Even if they are still far from achieving mass adoption, the World Bank, the International Monetary Fund, and many other organizations have recognized Ripple’s potential to change the game in the traditional financial industry. Recently, the Global Consulting Group said that Ripple is already doing better than banks in several sectors. In their new report, they noted that banks are trying hard to come up with new products that can compete with Ripple.
Ripple News Today – Ripple (XRP) Outperforms Banks in Many Sectors
It’s no news that cryptocurrencies have gradually become an essential part of the global financial system and Ripple is right in the middle of this innovation. Ripple is in direct competition with SWIFT, MasterCard. On more than one occasion, Ripple executives have made it clear that they intend to carve out a major chunk of SWIFTS market capitalization. The Boston Consulting Group noted that banks need to up their gain if they are to stand a chance against emerging technologies. Failure to get ahead of the revolution will see them left behind.
The 34-page report addressed the advantages and disadvantages of blockchain technology in contrast to traditional technology in the financial sector. BCG noted that blockchain technology has potential and is already doing better than many existing technologies that these old banks are currently using. Ripple is already stealing customers from these traditional financial institutions. Part of the report was as follows;
“Card networks, fintech, and infrastructure providers such as Ripple and Earthport have entered the cross-border payments space in recent years. These challenges often outperform banks in speed, pricing, API integration, and overall customer experience. To stay competitive, banks will need to change their approach. Many banks have introduced SWIFT GPI to improve the speed and tracking of international payments. But with challengers providing convenient solutions like ‘request to pay’ that facilitate remittance and reconciliation, banks need to continue refreshing their offerings.”
