Crypto Payments on the Rise: Survey Shows Optimism Despite Regulatory Uncertainty

• Ripple and Faster Payments Council (FPC) released a report on the opportunities of crypto-enabled payments, which showed that 97% of FPC subscribers believed in cryptocurrency’s power to enable faster payments.
• More than half of payment executives polled believed that most merchants will accept cryptocurrency payments within the next three years.
• The main reasons for not adopting crypto technologies for payments are lack of regulatory clarity and adoption.

Ripple Survey Findings

According to a Ripple survey, 97% of payment firms believed in cryptocurrency’s power to enable faster payments. Blockchain-based digital payment network Ripple and the payment organization Faster Payments Council (FPC) released a report on the opportunities of crypto-enabled payments. According to survey results, 97% of respondents (FPC subscribers) believed that cryptocurrency and blockchain technology would play an important role in enabling faster payments over the next three years. More than half of payment executives polled believed that most merchants will accept cryptocurrency payments within the next three years. 27% of Middle East and African executives believe that most merchants will adopt crypto payments by 2024.

Crypto Adoption Barriers

The report further suggested that despite 52% of respondents considering crypto use for payments, only 17% supported crypto-enabled payments at the time. According to the survey, the global payments industry is optimistic about the potential of cryptocurrencies and blockchain to enable faster and cheaper transactions. The main reasons for not adopting crypto technologies for payments are lack of regulatory clarity and adoption. Nearly 90% of respondents cited regulatory ambiguity as the main barrier to crypto payments. On the other hand, 45% of respondents brought up a lack of adoption among consumers as another obstacle preventing widespread usage or acceptance by merchants or financial institutions.

Ripple CEO Comments

In an interview with Bloomberg on 3 March, Ripple CEO Brad Garlinghouse stated that