Ripple says most financial firms believe in crypto

Ripple’s latest analysis shows that crypto-related technologies will be vital to the global financial system.

According to a recent poll co-hosted by Ripple, the global payments sector is optimistic about the potential of cryptocurrencies and blockchain to allow quicker and cheaper transactions.

Ripple, a blockchain-based digital payment network, and the Faster Payments Council (FPC), a payment group, released research on the advantages of crypto-enabled payments on March 2.

The research, titled “Transforming the Way Money Moves,” contains data on worldwide crypto payment patterns gleaned from a survey sent to over 950 FPC members, including analysts and Executives from 45 countries.

281 respondents answered 25 questions about blockchain payment use cases and advantages, digital asset ownership, and use hurdles.

The survey fieldwork was done in the first half of 2022. According to the findings, virtually every FPC user, or 97% of respondents, anticipated that bitcoin and blockchain technology would play a key role in facilitating speedier payments during the next three years.

In the next two to three years, the majority of retailers will accept crypto payments, according to a poll of payment executives. 27% of executives from the Middle East and Africa anticipate that by 2024, the majority of retailers will be crypto-friendly.

According to Ripple and FPC, this confidence in these areas may be attributable to crypto-enabled solutions such as mobile payments and central bank digital currencies (CBDCs).

While 52% of respondents contemplating the usage of cryptocurrencies for payments, just 17% of respondents endorsed crypto-enabled charges at the time of the study, according to the research.

The survey indicates that respondents cited legal clarity and insufficient uptake as the primary reasons for not embracing crypto technology for payments yet.

Over 90% of respondents identified legislative uncertainty as the most significant barrier to crypto payments, while 45% cited inadequate industry support.

In 2022, the financial data platform Pymnts and the crypto payment company Bitpay conducted a poll indicating that most respondents from firms with a $1 billion yearly revenue were utilizing crypto payments to discover and acquire new consumers.

Ripple’s most recent research emphasizes the great potential of crypto-related technologies to become an integral component of the global financial system.

According to a poll conducted by Zogby Analytics and CasperLabs, as many as 90 percent of businesses in the United States, the United Kingdom, and China were experimenting with blockchain technology by the beginning of 2023.

Ripple CEO Brad Garlinghouse has expressed optimism that the XRP dispute with the U.S. Securities and Exchange Commission would be settled this year.

“Almost two and a half years have passed since that case started. We’ve attempted to proceed as rapidly as possible,” Garlinghouse said, adding that Ripple anticipates a decision “definitely in 2023.”