Ripple survey shows payments leaders see crypto potential, but there’s a catch
Cryptocurrency adoption and popularity has skyrocketed, gradually entering mainstream financial systems. More people and businesses are turning to digital assets due to expanding applications and use of crypto and blockchain.
Many people now rely on digital assets for various purposes, including payment and settlement of bills. A recent Ripple survey also found that leading payments firms believe crypto and blockchain projects can improve the payments industry.
These managers envision several benefits, such as cost reduction and increased efficiency. However, concerns about regulation remain widespread.
Ripple Survey Shows Benefits of Blockchain and Digital Payments
Blockchain company Ripple Labs and the Faster Payments Council conducted a recent survey on crypto and blockchain. Ripple took to its official Twitter page to share the data.
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According to the survey data, most prominent payment industry leaders are optimistic about the solutions provided by crypto- and blockchain-enabled services. The executives believe that such benefits will significantly improve the payment sectors.
Ripple and the US Faster Payments Council handled the survey involving 300 payments executives. The survey sampled participants’ opinions on the benefits and challenges of cryptocurrency and blockchain in the payments sector.
The report showed that 97% of participants believe blockchain and the digital sector can increase the speed of payments in the next three years. In addition, they are positive about a boost in customer value in the industry through solutions from crypto and blockchain.
Furthermore, the survey looked at the main benefits of crypto solutions for the payments sector. About 36% of participants mentioned that the digital sector will significantly enable faster payments in the industry.
While 32% of respondents believed that the most important benefit was a cost reduction for international payments, 19% cited low transaction costs for local payments. The effect will provide increased savings for both users and companies at both international and local level.
As such, over 50% of respondents expect to see more merchants accepting digital payments in the next 1-3 years.
Regulatory uncertainty threatens crypto payment
According to the survey, most participants are willing to introduce digital payments, but 89% cited regulatory uncertainty as a barrier. Currently, only 17% of respondents accept digital payments.
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The report indicated a general lapse in crypto payments due to regulators’ lack of clarity. Most industry leaders argued that the growth of digital payment integration mainly depends on clear regulatory rules for its operation.
It is solely up to the regulators to provide transparent rules that will guide the payment institutions’ activities. Some respondents cited the ongoing litigation between SEC and Ripple as evidence of regulatory uncertainty.
According to a Bloomberg report On April 18, Coinbase CEO Brain Armstrong is considering moving the exchange’s headquarters from the US to the UK if regulatory uncertainty persists in the coming years.
Featured image from Pixabay and chart from Tradingview
