Ripple survey: Crypto can enable faster transactions, say 97% payment firms
TL;DR A Ripple and Faster Payments Council report showed that 97% of payment firms believe in cryptocurrency’s power to enable faster payments. This market optimism could be attributed to solutions such as mobile payments and CBDCs. Despite this, the main obstacles cited by respondents were lack of regulatory clarity and adoption. Ripple CEO Brad Garlinghouse expressed concerns about crypto companies leaving the United States due to a lack of clarity on regulatory measures.
According to a Ripple survey, 97% of payment firms believed in cryptocurrency’s power to enable faster payments.
Crypto companies are leaving the United States due to a lack of clarity on regulatory measures.
Blockchain-based digital payment network Ripple and the payment organization Faster Payments Council (FPC) released a report on the opportunities 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 over the next three years. More than half of payment executives polled believed that most merchants will accept cryptocurrency payments within the next three years.
27% of Middle East and African executives believe that most merchants will adopt crypto payments by 2024. According to Ripple and FPC, such market optimism could be attributed to crypto-enabled solutions, such as mobile payments and central bank digital currencies (CBDCs).
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 on global crypto payment trends based on a survey sent to over 950 FPC subscribers across 45 countries, including analysts and CEOs. The survey had 281 participants who answered 25 questions about blockchain payment use cases and benefits, digital asset ownership, and usage barriers.
Ripple CEO brings up lack of regulatory clarity
In an interview with Bloomberg on 3 March, 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 is expecting a decision on the case this year.
Brad Garlinghouse says the SEC's suit against his crypto payments company, Ripple, is “going to be pivotal for the whole 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. Nearly 90% of respondents cited regulatory ambiguity as the main barrier to crypto payments. On the other hand, 45% of respondents brought up a lack of industry acceptance.
Garlinghouse also expressed concerns about crypto companies leaving the United States due to a lack of clarity on regulatory measures.