SMEs needs about cross-border payment systems are not being met, and that is precisely where Ripple should go

In addition to companies, large corporations, small and medium-sized enterprises, they are also profitable objects of cross-border payment systems. However, their needs are not being met, and that is precisely where Ripple should go.

Ripple has been able to figure out big opportunity in SMEs payments

It seems that the SME market is underestimated. In particular, financial institutions and payment providers are looking to exploit the opportunity to make money from this growing sector.

In it, Sydney Ifergan, the crypto expert, said:

Some small and medium businesses are increasingly dependent on cross-border payments for their growth. However, according to statistics from Ripple, 71% of these payments have problems. So, why are their needs unmet, and what is the problem?

According to Ripple, it seems now is the best time to take advantage of the needs of small and medium-sized enterprises. Because they are (SMEs) who provide more than $ 100 billion in potential annual revenue, by using its new technology, Ripple can tap into this market. The Ripple blockchain offers a solution to reduce costs and ultimately helps create a lucrative opportunity for financial institutions. The opportunity for high growth revenue is seen in the dynamic force of small and medium enterprises in the global economy.

It is known that small and medium-sized enterprises provide nearly 60% of the labor force and almost 40% of national income. There has been remarkable growth in the B2B cross-border payment market. SME cross-border payments are a significant part of this market. Notably, the B2B market is outperforming the remittances of C2B and C2C.

Financial institutions will stand firm to achieve much success when participating in the B2B SME cross-border payment market. Opportunities are very high in emerging markets.

Low-value cross-border flows and cross-border payments revenue of small and medium-sized enterprises in emerging markets with higher margins have been discovered. The cross-border payment technology is considered to be a dramatic transformation facilitating better payment solutions to SMEs. Blockchain V. Correspondent banking has been exclusively studied.

A standardized connection, increased transparency and accountability, resilience and fraud protection, reduced costs, speed, and rich data transfer are cited as strengths of the Ripple Payments solution.

If this is realized, customers will use XRP to reduce costs further to reach new markets. Besides, financial institutions participating in the Ripple Network will be able to process customer payments from around the world instantly reliably and cost-effectively.

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