Ripple Survey Says Overwhelming 97% of Payments Firms Believe That Crypto Could Facilitate Faster Payments

A new survey from Ripple and payments organization Faster Payments Council (FPC) shows that leading payments firms have an optimistic outlook on crypto-enabled solutions.

The survey polled nearly 300 payments leaders, ranging from analysts to C-suite executives, to represent various sectors across 45 countries.

According to the report, the survey seeks to understand payment provider sentiment and explore trends in the payments market.

The survey finds that an “overwhelming majority of providers” believe that crypto will facilitate faster money transactions in the coming years.

“Nearly every surveyed leader (97%) believes blockchain technology and cryptocurrency will have a significant or very significant role in enabling faster payments within the next three years.”

The report also reveals that half of the respondents see lower transfer costs as the most attractive feature of crypto.

“In the survey, over 50% of respondents believe that lower payments cost – both domestically and internationally – is crypto’s primary benefit. Nearly 90% of surveyed leaders acknowledge some ‘cost-improvements related to international payments’ and 75% expect domestic cost benefits.” 

The report also says that 100% of survey respondents think that crypto and blockchain offer benefits in payments.

Although every survey participant believes that crypto and blockchain can offer improvements in the current payment system, only 17% support crypto-enabled payments. According to the study, regulatory clarity remains the top barrier to using blockchain for payments.

You can read the full report here.

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