Ripple survey: 97% of payment firms believe in the power of crypto

The planetary payments manufacture is bullish connected the imaginable of cryptocurrencies and blockchain to alteration faster and cheaper transactions, according to a caller survey co-hosted by Ripple.

Blockchain-based integer outgo web Ripple and the Faster Payments Council (FPC) outgo enactment connected March 2 issued a study devoted to the opportunities of crypto-enabled payments.

Titled “Transforming the Way Money Moves,” the study provides insights connected planetary crypto outgo trends based connected a survey sent to implicit 950 FPC subscribers, specified arsenic analysts and CEOs crossed 45 countries. The survey included a full of 281 respondents addressing 25 questions connected topics of blockchain payments usage cases and benefits, integer plus ownership and usage barriers. Fieldwork for the survey was conducted during the archetypal fractional of 2022.

According to survey results, astir each surveyed FPC subscriber — oregon 97% of respondents — believed that cryptocurrency and blockchain tech volition person a important relation successful enabling faster payments successful the adjacent 3 years. More than 50% of surveyed outgo executives judge that astir merchants volition judge crypto payments wrong 1 to 3 years.

27% of respondents for Middle East and African execs judge that the bulk of merchants volition beryllium crypto-friendly already successful 2024. According to Ripple and FPC, specified an optimism successful these markets could stem from crypto-enabled solutions similar mobile payments and cardinal slope integer currencies, oregon CBDCs.

Despite 52% of respondents considering crypto usage for payments, lone 17% of those supported crypto-enabled payments astatine the clip of the survey, according to the report.

The biggest reasons for not adopting crypto technologies for payments by respondents conscionable yet were regulatory clarity and constricted adoption, the study notes. Nearly 90% of respondents pointed to regulatory ambiguity arsenic the main hurdle to crypto payments, portion 45% of interviewees cited constricted manufacture acceptance.

Source: Ripple

In 2022, the fiscal information level Pymnts and the crypto outgo steadfast Bitpay issued a survey suggesting that the bulk of respondents for businesses with an yearly income of $1 cardinal were adopting crypto payments to find and summation caller customers.

Related: Brazil’s oldest slope allows residents to wage their taxes utilizing crypto

The latest study by Ripple further reaffirms the important imaginable of crypto-related technologies to go a important portion of the planetary fiscal system. As 1 survey from Zogby Analytics and CasperLabs suggests, as galore arsenic 90% of enterprises successful the United States, the United Kingdom and China person been experimenting with blockchain exertion arsenic of aboriginal 2023.

The quality comes amid Ripple CEO Brad Garlinghouse's expressing expectations that the XRP lawsuit with the United States Securities and Exchange Commission would beryllium resolved this year.

“It's been astir 2 and a fractional years since that litigation began. We've tried to determination guardant arsenic rapidly arsenic we perchance could," Garlinghouse said, adding that Ripple expects a determination “certainly successful 2023.”