• Ripple and the U.S. Faster Payments Council conducted a survey that found 100% of respondents believe crypto and blockchain can result in benefits like efficiency and cost saving for the payments industry.
• Almost 90% of the respondents said that further growth in crypto payments adoption hinges on regulators providing the industry with clear rules around how to operate.
• Crypto and blockchain are expected to save the payments industry roughly $10 billion in costs by 2030, primarily due to lower transaction costs and faster settlement times.
Ripple Survey Reveals Overwhelming Support for Crypto Payments
A survey conducted by Ripple and the U.S. Faster Payments Council revealed an overwhelming support for cryptocurrency and blockchain technology as a catalyst for transforming the antiquated payments industry. The survey found that 100% of respondents believe crypto and blockchain can result in benefits like efficiency and cost saving for this sector.
Regulatory Clarity Needed
The majority of respondents said that regulatory uncertainty is currently a barrier to crypto payments adoption — with only 10% believing that there are no benefits in using them at all. Therefore, further growth hinge on regulators providing clear rules around how to operate within this space.
Primary Benefits
Cryptocurrencies are expected to save up to $10 billion by 2030 due to their ability to reduce transaction costs, increase transparency, speed up settlements, and fill gaps efficiently over traditional payment solutions. The average cost of a cross-border remittance is 6%, 2x more than what was set by the U.N., making it obvious why cryptocurrency is being looked at as a viable solution due its cost savings potential alone.
Barriers Remain
Although there is significant support for cryptocurrencies, some barriers remain such as consumer trust issues, lack of widespread acceptance, scalability issues, liquidity problems, privacy concerns and security risks associated with wallets/exchanges being hacked or affected by scams . Despite these challenges , most agree that digital assets have become part of mainstream finance even though there is still much work needed before they become commonplace .
Conclusion
Cryptocurrency has been gaining traction lately as more people recognize its potential use cases beyond just transactions; however , more work needs to be done on regulatory clarity before it can achieve wider adoption . Nonetheless , nearly all those surveyed agreed that crypto could bring huge advantages compared to traditional payment systems while also reducing costs significantly across the entire industry .
