By Solomon OdunayoIn a recent release on Technative, Marcus Treacher, the SVP of Customer Success at Ripple, spoke expressly on how the global economy will experience further growth of micro and wallet payments in 2020, which he said will support immediate and low-value payment flows, using Ripple’s payment system as a reference point.
Recap of Marcus Treacher’s Portfolio
Marcus Treacher presently serves as the SVP of Customer Success at Ripple, the US-based blockchain tech. He has garnered over 30 years’ experience in transaction banking and payment technology.
He also served in global leadership roles at HSBC, coupled with a membership role at Global Board of SWIFT between 2010 and 2016, before he subsequently joined Ripple.
Marcus Treacher Predicts Growth for Global Economy in 2020 via Improved Payment System
Marcus Treacher asserted that payment providers and banks will keep offering faster cross-border payment services to their customers, which will grant them means of making transactions at a cheaper cost in 2020.
He said the demand for frictionless on-demand payments will grow among the customers in 2020. This he said will enable solutions such as distributed ledger technologies and Interledger to gain traction in the payment industry.
He predicted that many banks will adopt the newly invented technological products designed to foster payment system in order to revolutionize their cost-to-serve and cost-to-change. Absolutely, knowledge will keep advancing technologically and any business or bank that fails to get along would lag behind.
He said in 2020, new customer purchase solutions that do not require cards or card rails will emerge for tourists and travelers.
Marcus Treacher References Ripple’s Payment System
Marcus Treacher pointed out that systems like Ripple’s payment technology will play a big part in attaining the aforementioned heights globally, bolstering the global economy in the process.
He pointed to the services which Ripple uses for its customers on a daily basis, such as instant payment services across the border via mobile app. This is already serving as a solution as Siam Commercial Bank (SCB) recently affirmed, all thanks to Ripple’s payment technology.
Treacher also hinted that the global economy will see the continued growth of micro and wallet payments to enhance immediate and low-value payment flows.
He said payment system shift will occur. This implies that traditional and large-value batch flows will dwindle, while low-value and high-volume payments reign. This he said will help SMEs break into new markets faster.
He said the impact of Ripple’s enabled SMEs will serve as a game-changer in 2020. According to Treacher, Ripple’s service in the cross-border settlement will decrease costs-of-business and enable SMEs to free up precious capital for reinvestment, which is expected to increase the access to new markets for SMEs.
Conclusively, Treacher said there will be an enormous opportunity for blockchain to actively perform in 2020, getting Ripple to fill the gap of liquidity, transaction speed, and cost, as 2020 sees rise in demand for a reliable international remittance.