Ripple, a well-known crypto exchange and payment entity, has issued a report in collaboration with a payment organization named Faster Payment Council (FPC) on the crypto-enabled payments opportunities. It was mentioned in the respective survey that a big hurdle was posed by the regulatory uncertainty in the adoption of crypto-enabled payments.
A survey from Crypto Exchange Ripple Shows 97% of Payment Entities Are Confident in Crypto Adoption
The worldwide payments market is displaying a bullish trend on the capability of blockchain technology and crypto assets to enable cost-effective and rapid transfers, as mentioned by the survey.
The report is entitled “Transforming the Way Money Moves.” It offers insights on the worldwide trends in the crypto-payment industry in line with a survey that was delivered to more than 950 subscribers of the FPC, taking into account CEOs and analysts spread across up to forty-five countries.
The survey took into account 281 respondents addressing twenty-five questions regarding the use cases of blockchain-based payments, their benefits, the hindrances in the usage, as well as the ownership of the digital assets. The respective survey’s fieldwork was carried out during the initial half of the last year.
As mentioned in the findings of the survey, almost every surveyed subscriber of the FPC (denoting 97% proportion of the participants) was of the view that the blockchain and crypto technology would have played a vital role in offering rapid payments during the coming 3 years.
Above half of the executives included in the survey consider that the majority of the merchants will embrace crypto assets as a means of payment in the next 3 years.
On the other hand, 27% proportion of the respondents including African and Middle East-based executives consider that an enormous number of merchants will become crypto-friendly in the coming year.
As per the FPC and Ripple, such an optimistic approach regarding the crypto industry could originate from central bank digital currencies (or CBDCs), mobile payments, and other such crypto-enabled solutions.
Even though 52% of the respondents of the exclusive survey were positive about the crypto adoption in the mainstream finance sector, support was provided by a comparatively lesser number of surveyed people. Just 17% proportion of the survey participants supported crypto-enabled payments when the survey was conducted, as mentioned by the report.
Report Says Narrow Acceptance and Regulatory Uncertainty Hinder Crypto Adoption
It was noted in the report that the top reasons for the slacked adoption of the crypto sector in the case of payments take into account the limited awareness as well as deficient regulatory clarity.
Approximately ninety percent of the surveyed people referred to regulatory uncertainty as the chief thing hindering the payment performed with the use of crypto assets. On the contrary, 45% of the surveyed people pointed toward the narrow industry acceptance.
Back in 2022, Pymnts (a financial data company) and BitPay (a crypto payment platform) released a survey. The study indicated that most of the respondents from the business sector with a per annum revenue of $1B were embracing payments in crypto to attract the latest consumers.
The exclusive report issued by Ripple additionally reassures the ability of the technologies related to the crypto sector to turn into a vital proportion of the financial system.