Ripple Expanding Cross-Border Transaction Capabilities in the IT Sector
Date: 2024-01-03 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Ripple Labs has taken a significant step forward in revolutionizing cross-border transactions within the IT sector. In a report titled "Accelerating Global Payments for your IT Services Business," Ripple provides insights into the potential integration of blockchain technology into the IT industry.
With the IT sector expected to reach a staggering $1.5 trillion by 2024, according to Ripple's publication, it faces challenges in the realm of cross-border payments. Furthermore, Ripple points out that despite most IT companies planning international expansion, their reliance on traditional payment systems with slow and costly transactions remains a significant hurdle.
On January 3, 2024, Ripple shared a publication introducing an initiative aimed at raising awareness about blockchain technology's capabilities in the IT sector. The message stated, "97% of payment executives believe that blockchain and digital assets will play a significant role in facilitating faster payments over the next three years."
Ripple asserts that, unlike traditional transactions that take several days to settle, Ripple Payments boasts a transaction settlement time of 3-5 seconds. Moreover, the platform redefines cross-border transactions in a new way.
Another notable feature of Ripple Payments, as emphasized by Ripple Labs, is the transparency and security it provides for transactions. The guide reiterates that Ripple Payments outperform the lengthy and costly transaction procedures of the traditional payment system.
