According to ChainCatcher, Ripple's recently released "Regional Payment Trends in 2023" report shows that cryptocurrencies and central bank digital currencies (CBDCs) are playing a transformative role in the global payment field.
Latin America is witnessing a digital transformation, with the region turning to cryptocurrency-driven solutions and central bank digital currencies despite resistance from existing institutions in the region.
In Africa, crypto payments have increased accessibility and affordability of payments, with remittance payments surging to more than $100 billion last year. Europe’s technological leadership and digital-first approach have driven support for CBDCs and made cross-border payments easier.
The report highlights that businesses and institutions need to adapt to these changes and harness the power of these innovative payment solutions.
