97% of payment giants declared the great potential of cryptocurrencies and blockchain technologies

Representatives of the payment industry are convinced that cryptocurrencies and blockchain technologies will help speed up transactions and make them cheaper. This is stated in a new report by Ripple, prepared jointly with the payment company Faster Payments Council (FPC) based on a survey conducted earlier.

The study involved 281 representatives of the payment service. Each participant answered 25 questions about whether they and their company use blockchain payments, whether they have digital assets, and what difficulties they face when using cryptocurrencies.

97% of respondents believe that blockchain technologies will play an important role in the evolution of the payment system in the next three years. In addition, more than half of the surveyed payment service executives are convinced that most merchants will start accepting cryptocurrency payments in the near future.

Currently, the main reasons for refusing to use crypto payments are unclear regulation and limited implementation. Almost 90% of survey participants believe that regulatory uncertainty is the main obstacle to the introduction of cryptocurrency payments, while 45% of respondents cited the lack of mass adoption.

As a reminder, according to Accenture’s final annual report published at the end of December 2022, 20% of the world’s solvent population owns cryptocurrencies. The report also notes that «the effects of the recent volatility in the cryptocurrency market may slow the adoption of digital assets — at least until the market becomes more regulated.»