Ripple survey: 97% of payment firms believe in the power of crypto
The global payments industry is bullish on the potential of cryptocurrencies and blockchain to enable faster and cheaper transactions, according to a new survey co-hosted by Ripple.
Blockchain-based digital payment network Ripple and the Faster Payments Council (FPC) payment organization on March 2 issued a report devoted to the opportunities of crypto-enabled payments.
Titled “Transforming the Way Money Moves,” the report provides insights on global crypto payment trends based on a survey sent to over 950 FPC subscribers, such as analysts and CEOs across 45 countries. The survey included a total of 281 respondents addressing 25 questions on topics of blockchain payments use cases and benefits, digital asset ownership and usage barriers. Fieldwork for the survey was conducted during the first half of 2022.
According to survey results, nearly every surveyed FPC subscriber — or 97% of respondents — believed that cryptocurrency and blockchain tech will have a significant role in enabling faster payments in the next three years. More than 50% of surveyed payment executives believe that most merchants will accept crypto payments within one to three years.
27% of respondents for Middle East and African execs believe that the majority of merchants will be crypto-friendly already in 2024. According to Ripple and FPC, such an optimism in these markets could stem from crypto-enabled solutions like mobile payments and central bank digital currencies, or CBDCs.
Despite 52% of respondents considering crypto use for payments, only 17% of those supported crypto-enabled payments at the time of the survey, according to the report.
The biggest reasons for not adopting crypto technologies for payments by respondents just yet were regulatory
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