• According to a joint study by Ripple and the Faster Payments Council (FPC), more than half of the surveyed leaders of payment firms think most merchants will accept cryptocurrencies as a settlement method within one to three years.
• Almost every participant believes that blockchain technology will enable faster financial transactions in the near future.
• Over 50% of the surveyed leaders think lowering payment costs is crypto’s main merit.
A joint study conducted by Ripple and the Faster Payments Council (FPC) estimated that more than half of the surveyed leaders of payment firms think most merchants will accept cryptocurrencies as a settlement method within one to three years. The study was done with 300 participants from Middle East, Africa, and Latin America who suggest that blockchain technology will enable faster financial transactions in the near future, as well as lower payment costs both internationally and locally.
According to most participants crypto could become a widely used payment method in the near future and lower settlement costs. Nearly all respondents predicted this development within three years. However, those from Middle East and Africa are more bullish on its development with 27% believing it would happen in 12 months time or less while Latin Americans seem to be slightly less optimistic at 67%.
Benefits of Crypto Payments
The primary benefit cited by over 50% of survey participants was lowering transaction costs which can be up to 4%, according to US Chamber of Commerce data. This is especially beneficial for cross-border payments which only about half currently provide cross-border payment services today despite being aware of its advantages.
Utilizing Blockchain Technology
Participants also believe that blockchain technology has an important role in enabling faster financial transactions in addition to reducing fees associated with payments, especially for international ones. The distributed ledger systems make it easier for users across different countries who may have difficulty utilizing traditional banking systems due to geographical constraints or legal reasons, allowing them access to global markets like never before.
The research indicates that cryptocurrency could soon become widely accepted by merchants worldwide, providing benefits such as lowered transaction and processing fees associated with payments – particularly for those sending money across borders -as well as improving speed and accessibility for users globally who are unable use traditional banking systems due to geographical or legal constraints.