According to the recent whitepaper released by Ripple and the US Faster Payments Council, noted an overwhelming 97% of payment industry leaders think that blockchain and cryptocurrency have the potential to accelerate payments in the next three years.
Payment Leaders Support Crypto For Fast And Effective Payments
An excerpt from the report released by Ripple on the 2nd of March. Saying that almost 300 surveyed payment leaders across 45 countries reached the consensus that implementing blockchain and crypto for payment solutions will result in a payment infrastructure that is faster, more cost-effective, and more transparent than the current capital-moving systems.
Notably, crypto payments have been a beneficiary of the Ripple cross-border payment. According to the analysis released, 90% of industry players believe they can deliver cheaper and more efficient payments using crypto to cross borders.
Last month, the sentiment was given a thumbs up by an IMF, which agreed that crypto could potentially improve cross-border payments and also, the ODL has dome tremendously in making provision for cheaper and faster international settlements for its numerous partners.
At the moment, there has been a serious encroachment by Crypto payment as it creeps into the traditional payment scene, and while they have not mainly dominated the sector, their rapid growth indicates a more impressive adoption rate, recording a 350% increase in crypto payment usage initiated by mainstream remittance services.
There are have only 17% of surveyed payment leaders support crypto payments despite the consensus that crypto can help introduce an improved payment infrastructure.
Most of those who do not use crypto cited apprehensions about regulatory ambiguity and concerns about sustainability. For instance, the local crypto industry in the US has been displeased about the lack of regulatory clarity. In addition, the global regulatory disparity is a challenge as different countries have contrasting laws for digital assets.