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In a recent insights report, Ripple discusses four key observations on payment usage benefits, adoption plans and barriers to growth. Ripple and the U.S. Faster Payments Council (FPC) worked on a second annual 2023 worldwide survey that looked at the present and future use of blockchain payment systems to better understand what's going on in the market.
Over 100 payment leaders participated in the survey, including a significant number of founders, CEOs and technical leaders.
Four key insights
Along these lines, Ripple presented four key insights on blockchain in global payments. First, blockchain in payments unlocks real value.
Past surveying, according to Ripple, proved that leaders were bullish on blockchain and cryptocurrency technology for faster payments, as well as the potential of blockchain payment processing. Now, these sentiments have materialized into real value.
Second, while the use cases for blockchain payments are wide-ranging, they might not be of equal interest. When it comes to domestic payments, organizations show an affinity for business-to-business (B2B) applications. For context: peer-to-peer (P2P) payments are the next most popular use case among those testing or utilizing cryptocurrency, accounting for 20%.
Consumer-to-business (C2B) payments are the least targeted use case for companies developing or testing blockchain technology. However, for those considering future use, there is some C2B interest.
Respondents also expressed strong preferences for cross-border payment use cases that reduce friction, risk and costs.
Third, cryptocurrency fears are "mostly" diminishing. Ripple highlights an encouraging development, stating that 59% of respondents' firms allow (or are contemplating enabling) consumers to make payments with cryptocurrency. Currently, 28% of organizations oppose this. Concerns among this latter group revolve around two major causes: crypto aversion and low-risk tolerance.
Last but not least, sentiment around blockchain technology and sustainability remains strong among payment leaders.
Ripple shares expectations on blockchain use in global payments
Ripple unveils its expectations for blockchain technology, describing it as one that delivers proven results across a varied, wide range of compelling use cases for money transfers, faster and more cost-effective payment transactions and a more future-proofed, transparent payment option than traditional payment methods.
As deployments increase, Ripple expects the story of the durability, flexibility and utility of blockchain in global payments to grow.