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Latest Crypto News: 97% of payment companies believe in the power of cryptocurrencies. Ripple and the payment organization Faster Payments Council (FPC) presented a report stating that 97% of companies believe in the power of cryptocurrencies.
Cryptocurrencies continue to gain ground despite lawsuits launched by government entities such as the SEC . A report by Ripple and the payment organization Faster Payments Council (FPC) revealed that 97% of payment companies believe in the power of cryptocurrencies , according to Helen Partz at Cointelegraph .
Titled “Transforming the way money moves” , the report provides insights into global crypto payments trends based on a survey sent to more than 950 FPC subscribers, including analysts and CEOs in 45 countries . The survey included a total of 281 respondents who answered 25 questions on the topics of use cases and benefits of blockchain payments, ownership of digital assets, and barriers to use . Fieldwork for the survey was conducted during the first half of 2022 .
According to the survey results, almost all of the FPC subscribers surveyed, or 97%, believe that cryptocurrency and blockchain technology will play an important role in enabling faster payments in the next three years . Over 50% of payment executives surveyed believe that most merchants will accept cryptocurrency payments within one to three years.
27 % of responding executives from the Middle East and Africa believe that most merchants will already be crypto-friendly by 2024 . According to Ripple and FPC, such optimism in these markets could come from cryptocurrency-enabled solutions like mobile payments and central bank digital currencies, or CBDCs .
Despite 52% considering using cryptocurrency for payments , only 17% supported cryptocurrency-enabled payments at the time of the survey , according to the report.
The main reasons for not adopting cryptographic technologies for survey respondents’ payments yet were regulatory clarity and limited adoption , the report notes. Nearly 90% pointed to regulatory ambiguity as the top hurdle for crypto payments , while 45% cited limited industry uptake .
In 2022, financial data platform Pymnts and crypto payment firm Bitpay released a survey suggesting that the majority of respondents from companies with $1 billion in annual revenue were embracing crypto payments to find and win new customers.
Ripple ‘s latest report further reaffirms the significant potential of cryptocurrency-related technologies to become a crucial part of the global financial system. As a survey by Zogby Analytics and CasperLabs suggests , up to 90% of companies in the US, UK and China have been experimenting with blockchain technology since early 2023.
The news comes amid expectations expressed by Ripple CEO Brad Garlinghouse that the XRP lawsuit with the United States Securities and Exchange Commission would be settled this year .
“Almost two and a half years have passed since that litigation began. We have tried to move as fast as we could,” Garlinghouse said, adding that Ripple expects a decision “certainly in 2023.”
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