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In a strategic collaboration with the US Faster Payments Council (FPC), Ripple has unveiled key insights in its second annual 2023 global survey. With over a hundred payment leaders participating, the report provides a detailed view of the evolving landscape and technological advancements in the payments ecosystem.
Global Payments as the Forefront Priority
According to the report, Ripple is positioning global payments as a top priority, aiming to revolutionize the industry. The survey, conducted in partnership with the FPC, delves into current and future adoption trends of blockchain payment systems, shedding light on the present scenario and what lies ahead.
Ripple’s CEO, Brad Garlinghouse, emphasizes, “[Blockchain will drive] faster payments between businesses, reducing settlement windows, and ensuring close-to-real-time payments for all bookings.”
Quoting from the report, Ripple emphasizes the real value that blockchain in payments unlocks. An impressive 77% of respondents believe that using blockchain for payments is either “Very Beneficial” or “Somewhat Beneficial” for their organizations’ end customers. Additionally, over 60% share the same sentiment regarding customers using cryptocurrency for payments.
Several encouraging blockchain payment statistics have been highlighted in the report:
- 58% noted more transparency in payment processing.
- 56% cited faster payment resolution and settlement times.
- 55% acknowledged a lower cost of international payments.
- 53% found a lower cost in domestic payments.
The report also outlines a diverse range of blockchain payment use cases, emphasizing the varying levels of interest among industry leaders.
For domestic payments, a strong affinity for business-to-business (B2B) applications is observed, with over 40% of organizations testing crypto domestically having B2B applications in mind. Cross-border payments also show clear appetites, particularly for B2B payment use cases that reduce friction, risk, and costs.
Crypto Concerns and Sustainability
While enthusiasm for blockchain and crypto is evident, concerns regarding its sustainability and security continue to linger. According to the report, 64% of participants asserted being concerned with the lack of regulatory clarity as a barrier to using XRP (or cryptocurrencies) for payments.
Other concerns include price volatility, with 57% of participants involved and 48% were concerned about the lack of industry adoption. However, promisingly, 59% of respondents’ organizations either allow or are considering allowing customers to make payments using cryptocurrencies.
On the bright side, sustainability remains a strong sentiment among payment leaders, with 81% acknowledging the environmental impact associated with blockchain use. Notably, 60% believe that low energy consumption in the context of blockchain use is very important.
However, the report indicates that more education is needed, as just over half of respondents are familiar with the impact differences between proof-of-work and proof-of-stake protocols.
In short …
Ripple has once again proved to be the leader in charge of transforming and leading the global payments system. The report highlights a promising path forward for cross-border transactions. With such developments taking place on an international level, the potential launch of Rippe’s XRP ETFs in 2024-25 and IPOs seem to be manifesting into reality.