Cryptocurrency has surged in popularity, attracting a diverse range of individuals and institutions. This innovative payment method, which operates independently of a central authority, offers a blend of financial freedom, potential for growth, and technological intrigue. From their decentralized nature that promises greater control over personal finances to the allure of potentially lucrative investments driven by market volatility, cryptocurrencies are more than just a new way to pay; they represent a fundamental shift in how we perceive and interact with money in a digital age. What makes crypto attractive?
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Data for today’s episode is provided by Javelin Strategy & Research’s Report: The Continuing Case for Cryptocurrency in Cross-Border Payments
What Is Most Appealing About Crypto?
- 37% – the potential for a high return on investment
- 29% – transacting globally
- 17% – the potential for lower transaction fees
- 16% – the perceived ability to transact anonymously
Source: Javelin Strategy & Research – 2023
About Report
The challenge of making cross-border payments faster, less expensive, more accessible, and more transparent has given rise to fintechs, working groups, initiatives by legacy players in finance, and others, all focused on making these difficult transactions more scalable and digestible. Meanwhile, the larger themes of payments evolution—notably the widening field of instant payments and a push toward open banking and interoperability—have spawned new tools for tackling old problems.
This Javelin Strategy & Research report looks at cross-border payments and the varied reasons for their inherent difficulties, focusing on cryptocurrencies and digital assets as tools for solving—or lessening—those problems. Cross-border payments represent a massive opportunity for innovators and disruptors, and the cryptocurrency industry can claim both mantles. There is also much competition from other forms of money movement—notably systems like India’s Unified Payments Interface and Brazil’s Pix—that are seeking to redefine the space. The advantage in recasting cross-border payments will go to the innovators that can bridge the historical gaps seamlessly and at scale.
