Overview
• Ripple survey reveals overwhelming support for crypto payments
• Regulatory uncertainty is the main barrier to adoption
• Crypto and blockchain have potential to save $10 billion in costs by 2030
Survey Findings
A survey conducted by Ripple and the U.S. Faster Payments Council found that 100% of respondents believe that crypto and blockchain can result in benefits like efficiency, cost savings, and faster payments within the next three years. However, almost 90% of the respondents said that further growth in crypto payments adoption hinges on regulators providing clear rules on how to operate. The majority of them said that regulatory uncertainty is currently the sole barrier to adoption, with only 10% believing there are no benefits in using crypto payments.
Benefits of Crypto & Blockchain
Cryptocurrencies and blockchain are set to save the payments industry roughly $10 billion in costs by 2030 due to their ability to drastically lower transaction costs and times. Currently, pre-funding, high transaction fees, slow settlement times, and opaque capital flows all contribute greatly to the ever-rising cost of sending and receiving money. As of 2022-end, it was estimated that the average cost of a cross-border remittance was 6%, which is 2x more than what was set as a goal by the U.N..
Regulatory Clarity
The survey found that regulatory clarity is needed before any transformation can occur within the payments industry. Respondents also mentioned other important aspects such as trustworthiness, security standards, transparent pricing models, and user experience when discussing how they felt about crypto payments adoption.
Conclusion
Overall, this survey demonstrates that while there is an overwhelming support for crypto payments due to its efficiency and cost saving capabilities — regulatory clarity is needed before any meaningful progress can be made within this space.