Payments in the future will be more like sending a text message, according to experts.
According to Betsy Waters of the American Banking Association, making payment systems more instantaneous would require something involving blockchain-based, distributed ledger technology system.
The report cited an example of a customer sending a transaction from the US to Mexico where the person receiving money would collect it in local currency pesos from their participating bank.
Blockchain is more efficient and secure than cross-border transactions, making them a superior option for quick financial transactions.
Currently, national regulations are preventing the large-scale implementation and adoption of the technology in finance, but experts are hopeful that the legislation will soon change.
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