Ripple Report: Businesses and institutions need to adapt to the impact of cryptocurrencies and CBDCs on global payment methods

Ripple's recently released Regional Payment Trends 2023 report shows that cryptocurrencies and central bank digital currencies (CBDCs) are playing a transformative role in the global payments landscape. The Latin America region is witnessing a digital transformation, and while the region's existing institutions are resisting, the region is moving towards cryptocurrency-driven solutions and central bank digital currencies. In Africa, crypto payments have increased the accessibility and affordability of payments, with remittance payments surging to more than $100 billion last year. Europe's technology leadership and digital-first approach has fueled the embrace of CBDCs and made cross-border transfers easier. The report highlights the need for businesses and institutions to adapt to these changes and harness the power of these innovative payment solutions.