Ripple Survey says an overwhelming 97% of payments firms believe crypto can facilitate faster payments
A new survey by Ripple and the payments organization Faster Payments Council (FPC) shows that leading payment firms have an optimistic view of crypto-enabled solutions.
The survey polled nearly 300 payments executives, ranging from analysts to C-suite executives, to represent various sectors in 45 countries.
According to the report, the survey seeks to understand payment provider sentiment and explore trends in the payment market.
The survey finds that an “overwhelming majority of providers” believe that crypto will facilitate faster money transactions in the coming years.
“Nearly every executive surveyed (97%) believes blockchain technology and cryptocurrency will have a significant or very significant role in enabling faster payments over the next three years.”
The report also reveals that half of respondents see lower transfer costs as the most attractive feature of crypto.
“In the survey, over 50% of respondents believe that lower payment costs – both domestically and internationally – are crypto’s primary benefit. Nearly 90% of executives surveyed recognize some ‘cost improvements related to international payments’, and 75% expect domestic cost benefits.”
The report also states that 100% of respondents believe that crypto and blockchain provide benefits for payments.
Although every survey participant believes that crypto and blockchain can offer improvements to 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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