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Ripple survey: 97% of payment firms believe in the power of crypto

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Ripple survey: 97% of payment firms believe in the power of crypto

What is the main factor driving payment firms to invest in cryptocurrencies?

Ripple Survey Results: 97% of Payment Firms Believe in the Power of Crypto

A recent survey conducted by Ripple, a major blockchain-focused firm and the creators of the XRP digital currency, reveals that an overwhelming majority of payments companies see a future for cryptocurrency technology.

Survey Details

Ripple’s survey included over 300 payment providers from all over the world, from North America to Europe, and from South America to the Asia Pacific region.

The results of the survey were encouraging for the crypto industry, with 97% of respondents expressing their belief that cryptocurrency and blockchain have the potential to revolutionize the payments industry, and 88% stating that they are thinking of or actively investing in blockchain technology.

Furthermore, 61% of payment providers say they are employing or at least researching cryptocurrency and blockchain, while 68% believe that the technology is here to stay.

Benefits of Cryptocurrency

To break down why cryptocurrency is becoming popular in the payment industry, we can look at some key metrics:

  • Lower Costs: Cryptocurrency and blockchain payment networks offer opportunities for lower costs compared to traditional payment networks, due to their decentralized and secure nature.
  • Faster Transactions: It’s possible for a cryptocurrency transaction to be completed in minutes or even seconds, compared to traditional payment networks which may take days or weeks to process.
  • Better Security: Blockchain networks are encrypted and secure, meaning that data cannot be stolen or forged.
  • Globally Accessible: Cryptocurrency payments are easily sent anywhere in the world without the need for intermediaries.

Future of Cryptocurrency Payments

With this overwhelmingly positive data, it’s clear that cryptocurrencies and blockchain payments are here to stay in the payments industry.

It’s likely that in the future, these payment systems will become more accessible and much more widespread, with payment companies and banks conducting more of their transactions on blockchain networks.

The survey results from Ripple point to an extremely positive future for the crypto industry, and it seems that the payments sector is not far away from accepting cryptocurrency payments as a mainstream method.
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What data was collected by Ripple regarding payment companies and cryptocurrencies?

A recent survey shows that an overwhelming majority of payment companies worldwide have faith in the potential of cryptocurrency to revolutionize the current financial system.

Data collected by Ripple, a renowned digital payment solutions provider, reveals that 97% of surveyed payment companies are sure that digital assets have a bright future and can play an integral role in global payments. Nearly three-quarters (74%) of the respondents affirm that they are participating in the crypto space in some form or another, while 21% of the respondents claim that they’re already deploying digital assets in payment products.

According to the survey, most payment firms are fairly optimistic towards cryptocurrencies due to its potential of providing faster and cheaper transactions over the current financial system. More than half of the surveyed payment companies (58%) view real-time payments as the most important application for cryptocurrencies. The second most popular option is cryptographic asset hedging and risk hedging, with 31% of the respondents naming it their top area of interest in crypto.

The survey also provides an insight into the so-called “From Assets to Exchange” phenomenon, whereby financial institutions use digital assets to facilitate payments faster, cheaper and more efficiently. The payment companies have already started to understand the mission of “From Assets to Exchange”, with 73% acknowledging its potential. On a similar note, 51% of the response report that they prefer centralized services for asset alleviation, rather than relying on opaque decentralized networks for holding digital currencies.

Overall, the Ripple survey highlights the payment sector’s belief that digital assets can revolutionize global payments in the near future. With over 97% of surveyed payment firms backing crypto, it is clear that digital currencies still have a grand role to play in the rapidly evolving fintech sector.

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