Ripple strongly believes that Blockchain and digital assets like XRP have the power to revolutionize the cross-border payments landscape in a way to further market interest growth.

It is expected that in 2021, Digital payments will experience a state of hyper growth.  This is considered to be highly probable because small businesses and financial institutions are adopting the blockchain technology.

Ripple are continuing to set the stage for Digital Global Payments.  The DLT is expected to serve as the engine that integrates bank accounts, digital wallets and even cash payout channels making speed, ease of access and transparency possible.  Ripple, however, states that paper money is still the mainstay.

It is important to recollect a past news statement from BIS.  In the past, it was stated that even if CBDCs take over, the BIS felt that physical cash is still important. It is well known that several countries are contemplating on their feelings about CBDCs.

In the past, Benoît Cœuré, Bank for International Settlements (BIS) expressed:  “No one wants to force consumers to choose their payment methods. Diversity is a good thing and it fosters innovation. The goal is to offer choice, which means allowing consumers to continue paying with currency issued by the central bank.”

It is believed that the CBDCs will potentially remove physical cash altogether, which can lead to a positive of negative outcome.  Whether it is positive of negative is based on one’s view. Several countries are already operating digitally to a great extent.

Cœuré reportedly expressed that, Central bank digital currency is considered to be the digital equivalent of coins and banknotes and it is expected to be the safest currency issued by public institutions. Further expressed,

“If you want to pay in Bitcoin, why not, if you and the trader understand and assume the risks associated with this active crypto.”

So, the idea of paper money not going out of trend is obvious by the statements of several leaders.

However, from paper money people are surely navigating to digital money and digital payments are continuing to grow.

Payments-as-a-service (PaaS) will make things game changing for digital payments by making the best use of technologies that are cutting-edge, cloud-based platforms to provide specialized services like card issuing, payments clearing, cross-border payments, disbursements and e-commerce gateways.

In the Fintech space, digital payments and digital money is already game-changing. 

There is no denying that despite the world growing more virtual by the day, the majority of consumers still crave and value access to physical cash.