77% Respondents Optimistic About Blockchain Payments: Ripple Survey

In 2023, Ripple and The US Faster Payments Council collaborated to carry out an extensive worldwide study that disclosed important details about the adoption of blockchain payments. With a hundred-plus payment influencers involved, including CEOs and founders hailing from various sectors globally, the survey was aimed at highlighting the current trends as well as the future prospects of the payment landscape.

1/ Ripple and the US Faster Payments Council teamed up in 2023 for a global survey, unveiling key insights into blockchain payment adoption.

Let’s explore 4️⃣ key observations. 🧵

— Ripple (@Ripple) February 20, 2024

Optimism Surrounding Blockchain Payments

The findings showed a growing positive attitude towards the role of blockchain technology in payments. As much as 77% agreed that blockchain could be used for payment transfers, bringing such advantages as reduced costs, better security as well as faster settlements; these benefits happened in multiple types of transactions ranging from peer-to-peer ones to business-to-business transactions.

The survey’s key statistics showcased increasing transparency in payment processing, faster time for resolving problems, and reduced costs both domestically and internationally. They were overly optimistic about blockchain technology changing the payment experience to final consumers as over 60% said that they expect that to transform customer satisfaction levels for the better and give them a competitive advantage.

When comes to other use cases include business-to-business applications which were popular among organizations to explore domestic blockchain payments. Similarly, cross-border payments also received great attention with a view of cutting down frictions and costs in international transactions by top managers of various industries.

As much as they were excited about the possibilities, there were still concerns that revolved around regulatory clarity, price volatility, and industry adoption. The survey nonetheless encouragingly showed an increasing willingness to accept payment through cryptocurrency since 59% of respondents’ organizations now enable or are contemplating on permitting such transactions.

Moreover, 81% of payment leaders increased their attention to sustainability and acknowledged the environmental impact of blockchain technology. Even though such efforts are ongoing to educate on energy efficient protocols like proof-of-stake, there is still a need for more knowledge about it among people.

Overall, the survey revealed a changing global payment system wherein digital assets and blockchains were increasingly seen as capable of transforming traditional payment methods. Notably, though, the blockchain adoption process is facing resistance from some quarters due to such problems as regulatory bottlenecks and environmental impacts. Nevertheless, it continues to gain momentum due to a concerted effort among technological providers, service providers, and innovative customers.