Results of Ripple's survey on blockchain-based payment systems adoption within the U.S Accelerated Payments Council

A recent study conducted by Ripple in partnership with the U.S. Faster Payments Council shows the growing acceptance and adoption of blockchain-based payment solutions in the creation of new payment systems.

Ripple recently shared important findings from its second annual "2023" global survey, conducted in partnership with the U.S. Faster Payments Council (FPC). The report, based on responses from more than one hundred payments industry experts, offers a comprehensive look at the evolving payments industry and advances in technology.

Global payments are prioritized

According to the report, Ripple is looking to make global payments using blockchain technology a key focus to bring innovation to the industry. The study, conducted in collaboration with FPC, examines present and future trends in the use of blockchain payment systems, offering insight into the current landscape and upcoming developments.

Brad Garlinghouse, CEO of Ripple, highlights blockchain's potential to streamline payment processes for enterprises, reduce settlement times and provide near-instant payments on every transaction.

According to the report, Ripple emphasizes the significant value of blockchain technology to the payments industry. 77% of survey participants consider the use of blockchain in payments to be very beneficial or fairly beneficial to their customers. In addition, more than 60% hold a similar viewpoint regarding customers' use of cryptocurrency for transactions.

The report cites a number of positive numbers regarding the use of blockchain in payment transactions.

58% of respondents said they appreciate the increased transparency in payment processing.

56% of respondents cited faster resolution and settlement of payments as a key factor.

55% noted lower costs associated with international transactions.

53% of respondents noted a reduction in the cost of domestic transactions.

The report examines different scenarios for blockchain payments, showing varying degrees of enthusiasm among key industry players.

When it comes to domestic payments, many companies favor using cryptocurrency for business-to-business (B2B) transactions. More than 40% of organizations that are experimenting with using cryptocurrency for domestic payments are thinking specifically about B2B applications. There is also a noticeable interest in cross-border payments, especially when it comes to B2B payments that help streamline the process, minimize risk and reduce costs.

Overcoming obstacles while maintaining long-term sustainability

Despite the general hype surrounding blockchain and cryptocurrency, concerns about their long-term viability and security remain. A recent report showed that 64% of respondents are worried about regulatory uncertainty, which is preventing the adoption of XRP and other cryptocurrencies for transactions.

Among the various concerns, 57% of respondents are worried about unpredictable price fluctuations, and 48% express anxiety about the slow adoption of cryptocurrencies in the market. At the same time, 59% of organizations surveyed either already accept or are considering accepting digital currencies as a form of payment.

Conversely, the majority of payment industry experts emphasize the importance of sustainability, with 81% recognizing the environmental footprint of blockchain. In particular, 60% prioritize minimizing energy consumption in blockchain transactions.

Nevertheless, the findings suggest the need for additional education, as only just over half of those surveyed are aware of the differences in the effects of proof-of-work and proof-of-stake protocols.

Conclusion

Ripple continues to lead the revolution in the global payments industry, with a recent report suggesting a bright future for cross-border transactions.

The use of blockchain and digital asset technologies is becoming more familiar and established. These technologies have shown successful results in a variety of attractive situations, such as remittances with faster and cheaper payment transactions, as well as offering more secure and transparent payment alternatives than traditional methods. As their adoption increases, the reputation for reliable, versatile and useful technologies will only grow stronger.

Previous research has shown that executives have a positive view of blockchain technology and cryptocurrencies to accelerate payments, and believe in the potential of blockchain-based payment processing. Now that optimism has translated into tangible value.