Ripple Blockchain in Payments report: 44% stating that innovation in payment technology is a key growth driver

According to Ripple third annual Blockchain in Payments report, despite an ongoing global pandemic, 79% of businesses reported growth by 2020, with 44% reporting payment technology innovation as the primary growth driver.

Ripple Blockchain in Payments: 44% stating that innovation in payment technology is a key growth driver

Furthermore, there are four main benefits of driving blockchain adoption: improved data quality, enhanced data security, cost savings, and business growth. Interestingly, respondents from Latin America stand out when ranking growth as the highest benefit, followed by cost savings, while the more mature markets rank cost savings and data transparency. This is the biggest benefit of blockchain adoption.

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Source: Ripple Blockchain in Payments Report 2020

The chart above shows the adoption rates across business types, with the digital banking / Fintech businesses leading with a few percentage points. While these businesses are the most popular blockchain adopters, the survey shows that blockchain is currently extending beyond just payments.

Reportedly, 98% of respondents using the POC payment blockchain have also deployed the technology for non-payment use cases – the most common ones being Trade Finance and Supply Chain Management.

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Source: Ripple Blockchain in Payments Report 2020

However, considering the major barriers to adoption, the lack of regulations and clarity is still a common problem.

The report also revealed that:

“The price swings of Bitcoin and Ether’s perception of volatility.”

With that said, less than half of respondents in Latin America and the Asia Pacific are concerned about this, likely because these regions use digital assets as a hedge against this. their own currency risk. Perhaps the most important of these revelations is that early adopters of blockchain-based payment solutions have seen their highest growth year by year.

The market opportunities for innovators in fintech/retail banking and those located in emerging markets are quite large, with the expectation of continued strong growth.

Among all the factors contributing to digital asset growth, the bottom line is – the first drivers of blockchain payment adoption and less mature markets likely to see it—the most growth in the future.

You can see the Ripple price here.

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