• Ripple conducted a survey and found that 100% of respondents believe crypto and blockchain can result in benefits like efficiency and cost saving for the payments industry.
• The majority of respondents said that the uncertain regulatory environment is the sole barrier to the adoption of crypto payments currently.
• Primary benefits of crypto in payments include drastically lower transaction costs, faster payment times, and savings for both businesses and consumers.
Ripple Survey Reveals Overwhelming Support For Crypto Payments
A survey conducted by Ripple and the U.S Faster Payments Council has revealed overwhelming support for cryptocurrencies and blockchain technology when it comes to payments. The survey found that 100% of respondents believed that these technologies could provide significant benefits such as efficiency, cost savings, faster payment times, and more.
Regulatory Uncertainty Sole Barrier To Adoption
However, despite this positive outlook towards cryptocurrencies, almost 90% of respondents stated that further growth in adoption will depend on regulators providing clear rules around how to operate with these technologies. With this being said, the majority felt that regulatory uncertainty was currently the main barrier preventing widespread adoption of crypto payments.
Primary Benefits Of Crypto In Payments
Cryptocurrencies are expected to save up to $10 billion in costs by 2030 within the payments industry according to this report. These cost savings are mainly due to drastically lower transaction fees as well as faster settlement times resulting in savings both businesses and consumers alike. This is especially true when compared against traditional methods which often suffer from pre-funding issues, high fees, slow settlement times, and opaque capital flows amongst other problems.
Three Year Timeline Estimate For Widespread Adoption
The survey also revealed that 97% of participants believed cryptocurrencies would have a “significant role” within three years when it comes to enabling faster payments throughout the world. This further cements confidence in cryptocurrency technology as an integral part moving forwards with regards to revolutionizing how we handle money today.
To conclude then, it appears that cryptocurrencies have tremendous potential when it comes to revolutionizing how we send and receive money today – with their proponents citing massive cost savings opportunities amongst other advantages over traditional methods such as banks or wire transfers etc… However until regulators provide clear guidelines on working with these technologies – widespread adoption may be delayed somewhat – though many feel this is only a matter of time before this happens!