Ripple survey: Crypto can enable faster transactions, say 97% payment firms
- According to a Ripple survey, 97% of payment firms believed in cryptocurrency’s power to enable faster payments.
- Crypto companies are leaving the US due to lack of clarity on regulatory measures.
The blockchain-based digital payment network Ripple and the payments organization Faster Payments Council (FPC) released a report on the possibilities of crypto-enabled payments.
According to survey results, 97% of respondents (FPC subscribers) believed that cryptocurrency and blockchain technology would play an important role in enabling faster payments in the next three years. More than half of the payments executives surveyed believed that most merchants will accept cryptocurrency payments within the next three years.
27% of executives in the Middle East and Africa believe that most merchants will adopt crypto payments by 2024. According to Ripple and FPC, such market optimism can be attributed to crypto-enabled solutions, such as mobile payments and central bank digital currencies (CBDC).
The report further suggested that despite 52% of respondents considering crypto use for payments, only 17% supported crypto-enabled payments at the time.
According to the survey, the global payments industry is optimistic about the potential of cryptocurrencies and blockchain to enable faster and cheaper transactions.
The report, titled “Transforming the Way Money Moves,” provides insights into global crypto payment trends based on a survey sent to over 950 FPC subscribers in 45 countries, including analysts and CEOs. The survey had 281 participants who answered 25 questions about the use of blockchain payments and benefits, ownership of digital assets and barriers to use.
Ripple CEO brings up lack of regulatory clarity
In an interview with Bloomberg on March 3, Ripple CEO Brad Garlinghouse stated that the Securities and Exchange Commission’s (SEC) lawsuit against his firm Ripple “is going to be pivotal for the entire industry.” He expects a decision in the case this year.
Brad Garlinghouse says the SEC’s case against his crypto payment company, Ripple, is “going to be central to the entire industry” and that he expects a decision on the case this year pic.twitter.com/fkDmwLkrix
— Bloomberg TV (@BloombergTV) March 2, 2023
The main reasons for not adopting crypto-technologies for payments are lack of regulatory clarity and adoption. Almost 90% of respondents cited regulatory ambiguity as the main barrier to crypto payments. On the other hand, 45% of respondents raised a lack of industry acceptance.
Garlinghouse too expressed concerns about crypto companies leaving the US due to lack of clarity on regulatory measures.
