This article was first published on: Insights – Ripple --
While no one has yet put a figure on how many financial transactions occur globally each year, you can get some idea of volume from the following statistics:
- In 2014, there were 13.6 billion MasterCard debit transactions worth $536 billion
- In that same year, banks in the UK carried out 427 million transactions
- Visa processes an average of 2,000 transactions every second
Safe to say, the number of global financial transactions is enormous, yet the majority happen using dated technology that makes them slow, expensive and unreliable. Sure, that $3 cup of coffee you paid for by waving your phone at a machine is now often instantly charged to your account, but the store owner will pay a fee to your card provider, who in turn is charged by your phone’s app developer.
It’s a middleman’s game and when it comes to cross-border payments, these intermediaries aren’t even that good at playing. In the US, sending money abroad typically takes 3-5 days, costs $42 and has an er...
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