Ripple survey: 97% of payment firms believed in cryptocurrency’s power to enable faster payments

Ripple and the payment company Faster Payments Council (FPC) published research on the advantages of crypto-enabled payments.


97% of respondents thought that cryptocurrency and blockchain technology would make quicker payments possible during the next three years. During the next three years, most businesses will accept cryptocurrency payments, according to more than half of the payment executives surveyed.

Executives from the Middle East and Africa predict that by 2024, most retailers will accept cryptocurrency payments. Ripple and FPC claim that this market optimism may be due to crypto-enabled products like mobile payments and central bank digital currency (CBDCs).

According to the report, only 17% of respondents supported crypto-enabled payments at the time, even though 52% contemplated using cryptocurrency.

According to the report, the potential of cryptocurrencies and blockchain to enable quicker and less expensive transactions has the global payments sector upbeat.

The “Transforming the Way Money Moves” study, based on a survey distributed to over 950 FPC subscribers in 45 countries, including analysts and CEOs, offers insights on worldwide trends in crypto payments. 25 questions about blockchain payment use cases and advantages, ownership of digital assets, and usage barriers were asked of the 281 participants in the survey.

The Securities and Exchange Commission’s (SEC) lawsuit against Ripple, according to Ripple CEO Brad Garlinghouse in an interview with Bloomberg on March 3, “is going to be significant for the entire sector.” He anticipates the matter will be decided this year.

Lack of legislative clarity and adoption are the key barriers to implementing crypto technology for payments. Regulator uncertainty was highlighted by almost 90% of respondents as the biggest obstacle to crypto payments. Conversely, 45% of respondents raised the issue of industry rejection.

Garlinghouse also raised worries that because there is uncertainty about regulatory measures, crypto firms may decide to leave the United States.

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