Cryptocurrency adoption and popularity have skyrocketed, gradually entering the mainstream financial systems. More people and companies are turning to digital assets due to the expanding applications and use of crypto and blockchain.
Many people now depend on digital assets for different purposes, including payment and settlement of bills. A recent Ripple survey also found that leading payment firms think crypto and blockchain projects could improve the payment industry.
These leaders envisage several benefits, such as cost reduction and enhanced efficiency. However, worries about regulation are still rampant.
Ripple Survey Shows Benefits Of Blockchain And Digital Payments
The blockchain company Ripple Labs and Faster Payments Council conducted a recent survey on crypto and blockchain. Ripple took to its official Twitter page to share the data.
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According to the survey data, most prominent payment industry leaders are optimistic about the solutions from crypto and blockchain-enabled services. The leaders believe that such benefits will greatly improve the payment sectors.
Ripple and the US Faster Payments Council handled the survey involving 300 payment leaders. The survey sampled the participants’ opinions on the benefits and challenges of cryptocurrency and blockchain in the payment sector.
The report showed that 97% of the participants think blockchain and the digital sector could enhance payment speed within the next three years. Also, they are positive about a boost in customer value in the industry through solutions from crypto and blockchain.
Further, the survey looked into the key benefits of crypto solutions to the payment sector. About 36% of the participants mentioned that the digital sector would significantly enable faster payments in the industry.
While 32% of respondents believed the key benefit to be a cost reduction for international payments, 19% cited low transaction costs for local payments. The impact will bring enhanced savings for both users and businesses on both international and local levels.
As such, over 50% of the poll respondents anticipate seeing more merchants accepting digital payments within the next 1-3 years.
Regulatory Uncertainty Threatens Crypto Payment
According to the survey, most participants are willing to introduce digital payments, but 89% cited regulatory uncertainty as a barrier. Currently, just 17% of the respondents accept digital payments.
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The report indicated an overall lapse in the crypto payments due to regulators’ lack of clarity. Most industry leaders maintained that the growth of digital payment integration depends mainly on clear regulatory rules for operations.
It lies solely with the regulators to provide transparent rules that will guide the activities of payment firms. Some respondents cited the ongoing lawsuit between the SEC and Ripple as evidence of regulatory uncertainty.
According to a Bloomberg report on April 18, Coinbase CEO, Brain Armstrong, is contemplating relocating the exchange’s headquarters from the US to the UK if regulatory uncertainty lingers in coming years.
Featured image from Pixabay and chart from Tradingview
