David - Cryptocurrency Specialist
A survey conducted by Ripple and Faster Payments Council (FPC) reveals that the payments industry is optimistic about the potential of cryptocurrencies and blockchain technology in facilitating faster and cheaper transactions. The report titled, “Transforming the Way Money Moves,” provides insights into the use cases and benefits of blockchain payments, digital asset ownership, and usage barriers across 45 countries. According to the survey results, 97% of FPC subscribers believe that crypto and blockchain will have a significant role in enabling faster payments in the next three years.
Despite 52% of survey respondents considering the use of crypto payments, only 17% of those supported crypto-enabled payments at the time of the survey. Regulatory ambiguity was the main hurdle to crypto payments for 90% of respondents, while 45% of interviewees cited limited industry acceptance. The report also noted that over 50% of surveyed payment executives believe that most merchants will accept crypto payments within one to three years.
The optimism in the Middle East and Africa markets is driven by crypto-enabled solutions like mobile payments and central bank digital currencies (CBDCs). 27% of respondents among Middle East and African executives believe that most merchants will be crypto-friendly by 2024. This development could drive the adoption of crypto payments in these regions.
The report comes amid Ripple CEO Brad Garlinghouse’s expectations that the XRP lawsuit with the United States Securities and Exchange Commission would be resolved in 2023. The resolution of the lawsuit would benefit XRP coin holdings and increase crypto asset management.
The survey report from Ripple further reinforces the potential of crypto and blockchain technology to become a significant part of the global financial system. Another survey conducted by Pymnts and BitPay suggests that businesses with an annual income of $1 billion are adopting crypto payments to find and gain new customers. This finding highlights the growth of cryptocurrency investment and the need for top Ripple buying brokers, like BCBitcoin, who provide easy and secure ways to buy XRP.
The increasing adoption of blockchain technology is not limited to payment firms, but also among enterprises in the United States, the United Kingdom, and China. As per a survey from Zogby Analytics and CasperLabs, 90% of enterprises in these countries have been experimenting with blockchain technology since early 2023. This indicates a growing interest in crypto asset management among businesses and the potential for cryptocurrencies to become a mainstream asset class.