Ripple Report: Payment Providers Believe in Crypto
- Ripple believes its case with the SEC will be settled later this year.
- Lack of regulatory clarity was cited as one of the hurdles to crypto payment adoption.
A new survey hosted by Ripple revealed that payment service providers believe in the potential of cryptocurrencies and blockchain technology to facilitate faster transactions. In partnership with the Faster Payments Council (FPC), Ripple released the report “Transforming the Way Money Moves,” which covers the opportunities of crypto-enabled payments.
The report provides insight into global crypto payment patterns based on a survey that was issued to over 950 FPC subscribers in early 2022. The poll had 281 respondents, mainly CEOs, and analysts, in 45 countries. Respondents were to answer 25 questions covering the ownership and use of digital assets, blockchain payment use cases and benefits, etc.
Data from the survey showed that 97% of FPC subscribers believe that blockchain technology and cryptocurrencies will play a key role in facilitating faster payments over the next three years. Over 50% of CEOs who participated in the poll believe that most retailers will accept crypto payment in the next one to three years.
Interestingly, 27% of executives from the Middle East and Africa who participated in the survey believe merchants will warm up to crypto payments by 2024. Ripple and FPC claim that crypto-enabled products like central bank digital currencies (CBDCs) and mobile payments could be responsible for the market optimism in these regions.
About 17% of respondents in the poll favored crypto-enabled payments, while 52% of respondents were yet to decide. According to the survey, regulatory uncertainties and a lack of mass adoption were the main deterrents to using crypto for payments. About 90% of respondents believe a lack of regulatory clarity is the biggest challenge to the adoption of crypto payment.