• Ripple survey finds that 100% of respondents believe crypto and blockchain can result in benefits like efficiency and cost savings for the payments industry.
• Regulatory uncertainty is the sole barrier to further adoption of crypto payments, according to survey respondents.
• Crypto and blockchain are expected to save the payments industry roughly $10 billion in costs by 2030.
Ripple Survey Reveals Support for Crypto Payments
A recent survey conducted by Ripple and the U.S. Faster Payments Council found overwhelming support for crypto and blockchain technology in the payments industry, with 100% of respondents believing they can result in benefits such as efficiency and cost savings. However, regulatory uncertainty remains a major barrier to further adoption of crypto payments.
Benefits of Cryptocurrency & Blockchain Technology
The primary benefit of cryptocurrencies and blockchain technology is that they can drastically lower transaction costs and time, leading to savings for both businesses and consumers. The report said that currently, the payments industry is wrought with pre-funding, high transaction fees, slow settlement times, and opaque capital flows — all of which supplement the ever-rising cost of sending and receiving money. By 2030 it’s estimated that crypto & blockchain will save the payments industry $10 billion in costs alone.
Barrier: Regulatory Uncertainty
Almost 90% of survey respondents said that further growth in crypto payments adoption hinges on regulators providing clear rules around how to operate – so far this has been an area where progress has been lacking due to a lack of understanding or agreement between governments & agencies worldwide on how best to regulate cryptocurrency markets or use cases such as payments with them. This regulatory uncertainty was seen by survey respondents as being the only barrier preventing further adoption at this time – although 10% did not see any benefits from using cryptocurrencies as payment method over traditional options like debit/credit cards or bank transfers at all.
Outlook on Crypto Adoption
The majority (97%) believe that within three years there will be a „significant role“ for cryptocurrencies & blockchain in enabling faster payments throughout the world – making financial transactions simpler than ever before while also reducing overhead costs related to these operations significantly compared to current methods used today.. With global economies opening up more towards digital currencies & their related technologies over 2021-2022 we could expect this trend towards rapid adoption within this space if regulatory hurdles are overcome soon enough..
Conclusion
With almost unanimous belief across those surveyed regarding potential benefits associated with cryptocurrencies & blockchain technology when applied towards payment processing operations it’s clear that these technologies have a bright future ahead once legal frameworks become clearer worldwide – allowing companies dealing with digital assets such as Ripple (XRP) or other coins/tokens access into previously closed off markets while providing customers with cheaper/faster means through which they can make transactions without having worry about third party intermediaries taking cuts along every step.. This could potentially revolutionize not just payment processing but entire industries including finance, logistics & even healthcare depending on how quickly regulations catch up!
