New Ripple (XRP) Report Says $15 Trillion Market Could Leverage Blockchain
A new report by Ripple (XRP) focuses on how blockchain technology can increase the efficiency of small and medium enterprises (SMEs).
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In a report titled Big Opportunity in Small Business Payments, Ripple looks at how SMEs can develop cross-border payment systems using blockchain technology.
Ripple’s research highlights the lack of infrastructure in emerging markets for SMEs to make cross-border (B2B) payments between businesses, despite being a $10–15 trillion market.
“Despite recent growth, the SME cross-border payments market remains in a poor state due to a lack of traditional financial services. The fees for international payments are extremely high and in some areas even cross-border services are not readily available.”
Ripple’s report adds that the inclusion of intermediaries in existing global payment practices complicates the process.
“Still, SMEs are increasingly reliant on cross-border payments to grow, both to reach new customers and to leverage suppliers and outsourced employees. This really impacts the ability of SMEs to sustain their businesses, grow and scale.”
71% of SMEs also report that cross-border payments are problematic.
Ripple believes that blockchain technology can improve cross-border payments for SMEs.
“Blockchain-powered payments remove intermediaries from the banking system, increasing speed and lowering costs for SMEs.6