• Ganpati Labham
• Prof. (Dr.) A.K. Dutta

The rapid evolution of financial technology has highlighted the inefficiencies in traditional cross-border payment systems, characterized by high transaction fees, delayed processing times, and lack of transparency. Blockchain technology offers a promising solution by enabling decentralized, secure, and near-instant transactions across borders. This research article explores the impact of blockchain on cross-border payment systems, focusing on its ability to reduce operational costs and enhance efficiency. Through an in-depth analysis of the current global payment infrastructure and case studies from platforms like Ripple, IBM Blockchain, and Stellar, the paper demonstrates how blockchain is transforming global transactions. The study also addresses key challenges, including regulatory hurdles, scalability issues, and interoperability concerns. While limitations persist, the findings suggest that blockchain has the potential to revolutionize cross-border payments by fostering a faster, cheaper, and more transparent financial ecosystem. The article concludes by highlighting the importance of supportive regulations and continued innovation for broader adoption.

Blockchain, Cross-Border Payments, Financial Technology, Transaction Efficiency, Ripple, IBM Blockchain, Payment Systems, Cost Reduction, Cryptocurrency, Regulatory Challenges

"THE IMPACT OF BLOCKCHAIN TECHNOLOGY ON CROSS-BORDER PAYMENT SYSTEMS: EFFICIENCY AND COST REDUCTION", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.11, Issue 8, page no.f536-f542, August-2024, Available :http://www.jetir.org/papers/JETIR2408763.pdf

"THE IMPACT OF BLOCKCHAIN TECHNOLOGY ON CROSS-BORDER PAYMENT SYSTEMS: EFFICIENCY AND COST REDUCTION", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.11, Issue 8, page no. ppf536-f542, August-2024, Available at : http://www.jetir.org/papers/JETIR2408763.pdf