Blockchain cross border payments open financial services to unbanked and underbanked populations worldwide. Individuals who were previously excluded from the traditional banking system can now access affordable and efficient cross-border payment solutions. Businesses that adopt blockchain cross-border payments can gain a competitive edge.
How blockchain technology is transforming cross-border payments?
The technology can also be used in areas like “Anti-Money Laundering”. The future of Blockchain technology is quite promising for cross-border payments as this concept uses encrypted distributed ledgers that provide trusted real-time verification of transactions without the need for intermediaries such as correspondent banks.
Will blockchain revolutionise cross-border payments?
The blockchain payments industry has witnessed remarkable growth in the realm of cross-border transactions. By offering faster settlements, reduced costs and enhanced security, blockchain technology has the potential to revolutionise the way businesses process payments and transfer funds internationally.