A recent survey conducted by Ripple and Faster Payments Council (FPC) revealed that the global payments industry is optimistic about the potential of blockchain and cryptocurrency to facilitate faster and more affordable transactions.
The report, titled “Transforming the Way Money Moves,” included 25 questions on blockchain payment use cases, digital assets ownership and usage barriers. Fieldwork for the survey was completed in the first half of 2022, with 281 respondents from CEOs across 45 countries.
The results showed that 97% of surveyed FPC subscribers believe that crypto and blockchain tech will have a major role in the acceleration of payments in the next three years. Almost half of those surveyed think that merchants will begin taking crypto payments within the next one to three years, while 27% of Middle Eastern and African executives believe this will happen by 2024.
However, respondents were divided on the reliability of cryptocurrencies when it comes to payments, with 52% believing they are too volatile and 10% citing lack of trust in the technology.
A survey conducted by Zogby Analytics on behalf of Pymnts and BitPay has revealed that a vast majority of payment firms believe in the potential of crypto. 97% of respondents said they consider the use of crypto to pay but only 17% actually support the technology.
The report further stated that regulatory ambiguity and lack of industry acceptance are the two main impediments in the adoption of crypto payments. 90% of survey participants identified the former, while 45% highlighted the latter as the main challenges.
The survey was conducted in the United States, the United Kingdom and China with the results pointing to the fact that blockchain technology has been used in experimentation since the start of 2023.
Furthermore, the news comes in the wake of Ripple CEO Brad Garlinghouse’s statement that he expects the SEC lawsuit against Ripple to be resolved in the current year. He remarked that they have tried to push forward with the case as fast as they possibly can, with a decision expected to be made “certainly in 2023.”