• Ripple and the U.S. Faster Payments Council conducted a survey which found that 100% of respondents believe crypto and blockchain can result in benefits like efficiency and cost saving for the payments industry.
• The majority of respondents said that the uncertain regulatory environment is the sole barrier to the adoption of crypto payments currently.
• Cryptocurrencies and blockchain are expected to save the payments industry roughly $10 billion in costs by 2030, with primary benefits being lower transaction costs and time, leading to savings for both businesses and consumers.
Ripple Survey Reveals Overwhelming Support for Crypto Payments
A survey conducted by Ripple and the U.S. Faster Payments Council has revealed overwhelming support for crypto payments from all participants, with regulatory uncertainty seen as the only barrier to adoption.
Benefits Of Crypto And Blockchain
The survey found that 100% of respondents believe crypto and blockchain can result in significant benefits such as improved efficiency and cost savings for the payments industry. With cryptocurrencies well-positioned to solve some intractable issues such as pre-funding, high transaction fees, slow settlement times, opaque capital flows, etc., they are expected to save the payments industry roughly $10 billion in costs by 2030.
Barriers To Adoption
Despite its potential advantages, almost 90% of respondents said that further growth in crypto payments adoption hinges on regulators providing clear rules around how to operate – with only 10% believing there are no benefits in crypto payments at all due to an uncertain regulatory environment being seen as the sole barrier currently blocking widespread adoption.
Primary Benefits Of Crypto In Payments
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 alike – with 97% believing it will have a „significant role“ within three years’ time when it comes to enabling faster payments globally.
Crypto and blockchain technology have been identified as having potential revolutionary impacts on how businesses make transactions via their payment systems – but clear regulations need to be put into place first before those changes can be implemented safely across industries worldwide.