97% of the firms have faith in crypto-enabled payments
According to a survey co-hosted by Ripple, 97% of the firms have faith in crypto-enabled payments. The inefficient regulation of cryptocurrency is the reason behind the lesser adoption of crypto payments around the world.
With the hope of an improvement in crypto regulatory authorities, the global-payment industry believes that adopting crypto can revolutionize the payment process by making it faster and cheaper.
On March 2, the Blockchain-based digital payment network -Ripple – and the Faster Payments Council (FPC) payment organization, released a report called ‘Transforming the way money moves’. It is a survey report on the basic opportunities in crypto-enabled payments. It provides a deeper insight into global crypto payment adoption.
A broad range of individuals received the survey. As it was sent to over 950 FPC subscribers, including CEOs and analysts from across 45 countries. 281 respondents received 25 questions on the blockchain details like benefits, and, cases, digital asset ownership, and challenges with using crypto payments. During the first half of 2022, the fieldwork for the survey was carried out.
The Survey revealed that most of the FPC subscribers (97%) were on board for crypto payments adoption. They believed that crypto payments could change the payments process for good as they are faster and will have a significant role in the next 3 years. Moreover, almost 50% of respondents indicated a rise in the adoption of crypto payments in the coming one to three years.
27% of Respondents from the Middle East and African countries also display a firm faith in crypto-payment adoption by the year 2024. According to FPC and Ripple, a great number of responses in the favor of crypto payments could be due to crypto-enabled solutions like mobile payments and CBDCs.
Based on the results from the report, although 52% of respondents considered using cryptocurrency for payments, only 17% of them actually supported the idea of crypto-enabled payments at the time of the survey.
The crypto payment firm BitPay and the financial data firm Pymnts carried out a survey in 2022. The survey stated that most of the businesses with income of $1 billion, are supporting crypto payments to find and gain new customers.
The survey by Ripple has endorsed the stance that with time crypto-related technologies will certainly become a significant part of the global financial systems. Since 2023 many firms from USA, UK, and China are experimenting with blockchain technology: a survey from CasperLabs and Zogby Analytics.
CEO of Ripple Brad Garlinghouse recently disclosed that the US-SEC (security and exchange commission) lawsuit against XRP will soon come to an end.
“It’s been almost two and a half years since that litigation began. We’ve tried to move forward as quickly as we possibly could,”
further adding Garlinghouse said that they are expecting it to end by the year 2023.