• Ripple’s survey found that 100% of respondents believe crypto and blockchain can result in benefits such as efficiency and cost saving for the payments industry.
• Almost 90% of respondents said that further growth in crypto payments adoption hinges on regulators providing the industry with clear rules.
• 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.
Survey Reveals Overwhelming Support for Crypto Payments
A survey conducted by Ripple and the U.S. Faster Payments Council has revealed a nearly unanimous agreement that crypto and blockchain will bring much needed efficiency, cost savings, and other benefits to the payments industry. According to the survey, all respondents believed that crypto could be used to greatly improve existing payment methods.
Barrier: Regulatory Uncertainty
The only barrier preventing more widespread adoption of cryptocurrency payments seems to be regulatory uncertainty; almost 90% of respondents stated that further growth hinged on regulators providing clear rules around how cryptocurrency should be used in payments systems.
Benefits of Crypto Payments
Crypto is expected to save the payments industry roughly $10 billion in costs by 2030, according to the report. Primarily, cryptocurrencies and blockchain technology are able reduce transaction costs significantly while also expediting settlement times; this would lead to savings for both businesses and consumers alike. Currently, pre-funding fees, high transaction fees, slow settlement times, opaque capital flows are key issues plaguing current payment systems which add unnecessary costs onto transactions.
Goal Set by U.N.
As per data from 2022-end, the average cost of a cross-border remittance is 6% of the transferred amount which is double than what was set as goal by U.N., i.e., 3%. This highlights how inefficient existing payment solutions are compared to what cryptocurrencies offer – especially when it comes to international money transfers between different countries or regions with different currencies involved in each leg of the transfer process.
The results of this survey make it clear that people overwhelmingly support more widespread use of cryptocurrency in payments systems but there needs to be regulatory clarity before true progress can be made towards achieving this goal.. Once regulations become clearer it’s likely we’ll see rapid advancement in cryptocurrency adoption within the next few years as well as significant cost savings for customers using these services