Ripple: Payment Leaders From 45 Countries Back Crypto For Fast Payments

However, these industry leaders are concerned about the regulatory climate in the crypto industry and its sustainability.

A recent whitepaper from Ripple and the US Faster Payments Council has revealed that an overwhelming 97% of payment industry leaders think that blockchain and cryptocurrency have the potential to accelerate payments in the next three years.

In a survey of ~300 global payments leaders, the majority of respondents believe in the power of crypto and blockchain for faster, lower cost payments. But widespread adoption hinges on regulatory clarity and sustainability.

Learn more:https://t.co/cecO92utcS

— Ripple (@Ripple) March 2, 2023

According to the report by Ripple, which was released on March 2nd, almost 300 surveyed payment leaders across 45 countries reached the consensus that implementing blockchain and crypto for payment solutions will result in a payment infrastructure that is faster, more cost-effective, and more transparent than the current capital-moving systems.

Moreover, crypto payments have been particularly beneficial for cross-border settlements. The survey revealed that 90% of industry players believe they can deliver cheaper and more efficient payments using crypto for cross borders.

This sentiment was supported by an IMF article from last month, which agreed that crypto could potentially improve cross-border payments. Ripple’s On-Demand Liquidity solution has demonstrated this potential by providing cheaper and faster international settlements for its numerous partners.

Crypto payments are gradually creeping into the traditional payment scene, and while they have not mainly dominated the sector, their rapid growth indicates a more impressive adoption rate. A report from last May revealed a 350% increase in crypto payment usage triggered by mainstream remittance services.

Challenges to Crypto Payments

Despite the consensus that crypto can help introduce an improved payment infrastructure, only 17% of surveyed payment leaders support crypto payments. Most of those who do not use crypto cited apprehensions about regulatory ambiguity and concerns about sustainability.

Notably, the local crypto industry in the US has lamented the lack of regulatory clarity. In addition, the global regulatory disparity is a challenge as different countries have contrasting laws for digital assets.

An Indian Union Minister of State for Finance recently highlighted this issue, calling for international consensus on regulations. Notwithstanding, the crypto scene is seeing a gradual improvement in regulatory clarity as several jurisdictions look to set up proper measures, especially UAE and Hong Kong.