• A survey conducted by Ripple and the U.S. Faster Payments Council found that 100% of respondents believe crypto and blockchain can result in benefits like efficiency and cost saving for the payments industry.
• The survey also revealed that almost 90% of respondents said that further growth in crypto payments adoption hinges on regulators providing the industry with clear rules around how to operate.
• 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.
Overview
A survey conducted by Ripple and the U.S. Faster Payments Council has revealed overwhelming support for crypto payments, but regulatory uncertainty remains a barrier to widespread adoption. Respondents highlighted potential cost savings from using cryptocurrencies as well as blockchain technology, with 97% believing it will have a significant role in enabling faster payments within three years.
Benefits of Crypto Payments
The survey found that 100% of respondents believe crypto and blockchain can result in benefits such as efficiency and cost-saving for the payments industry. The primary benefit is that cryptocurrencies and blockchain technology can drastically lower transaction costs and time, resulting in savings for businesses and consumers alike. By 2030, it is estimated that crypto could save the payments industry roughly $10 billion in costs.
Barriers to Adoption
Almost 90% of those surveyed said further growth in crypto payments adoption depends on regulators providing the industry with clear rules on how to operate due to an uncertain regulatory environment – 10% believed there were no benefits at all from using crypto payments.
Implications
Crypto could be a catalyst for transforming an “antiquated” payment system, however without regulatory clarity this will not happen anytime soon – leaving many potential users hesitant until they know what regulations are required when using cryptocurrency as a payment method..
Conclusion
The results of the Ripple/U.S Faster Payments Council survey demonstrate strong potential cost savings associated with using cryptocurrency, but also reveal hesitancy due to unclear regulations. It is likely these regulations will need to be addressed before mainstream adoption can take place, allowing people to make full use of digital assets within their financial lives
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