A report suggests the adoption of XRP and Ripple blockchain-based payment innovation is crucial in meeting the G20’s cross-border transaction target.
Ripple’s cross-border business is gaining more traction in the global payment industry. Its blockchain-based, low-cost, and split-second transactional acumen has been touted as crucial to meeting the payment needs of the G20, a conglomerate of the top 19 economies in the world, including the European Union and the African Union.
The 2025 edition of the confidential report from the US Faster Payments Council (FPC), mentioned by SMQKE, identified the G20’s 2027 and 2030 cross-border payment targets and how the US domestic payments providers can support these initiatives.
G20 2027 and 2030 Cross-Border Payment Plans
Interestingly, solutions for a quicker, cheaper, and more transparent cross-border payment system, which has a total addressable market of $34 trillion, are in demand globally. The report highlighted that the G20 prioritizes improving the sector as it has a broader impact on economic growth, international trade, and global development.
The G20 mapped out focus areas to improve the payment sector, specifically split into cost, speed, transparency, and access. The organization further distributed the targets among wholesale and retail payments and remittances.
Meanwhile, sniper points from the 2027 and 2030 goals include reducing the average payment cost to or below 1%, crediting 75% of cross-border payments within one hour, and creating multiple options to facilitate outside-border wholesale, retail, and remittance payments.
Ripple’s Role in a Better Cross-Border Payment System
Interestingly, the US FPC has highlighted some roles that US domestic payment providers could play in supporting the G20’s vision. It encouraged ISO 20022 compliance among American payment firms, interoperability, distributed ledger technology (DLT) adoption to improve cost, and inter-industry collaboration.
Specifically, the industry-led membership organization identified Ripple’s RippleNet and Stellar as prominent financial technology firms with which close collaboration could improve the global cross-border payment landscape.
Ripple’s Vision to Revolutionize Payment
The US-based payment giant built its business on enabling large financial institutions to move funds efficiently. With its RippleNet and Ripple Payment technology, Ripple is transforming cross-border payment beyond past standards.
Furthermore, Ripple leverages DLT, with XRP at the heart of the business. The firm enables large-scale, over-the-border transactions in a swift, cost-effective, and transparent manner, using the XRP Ledger as a means and XRP as a tool for its remittance.
Meanwhile, Ripple’s ISO 20022 compliance, blockchain-based, and on-demand liquidity business model meet the G20’s criteria, placing it as a major contender to lead the cross-border payment sector in the future. With the payment and remittance industry slowly tilting towards Ripple, XRP will benefit extensively from the growing adoption.
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