Ripple has published an insights study that addresses four significant conclusions on payment use advantages, adoption strategies, and growth constraints. Ripple and the U.S. Faster Payments Council (FPC) collaborated on a second annual 2023 global study that examined the current and future use of blockchain payment systems to better understand the industry.
The study drew more than 100 payment executives, including several founders, CEOs, and technical experts.
Four key insights
Along these lines, Ripple provided four crucial insights about blockchain in global payments. First, using blockchain in payments unleashes significant value.
Previous surveys, according to Ripple, showed that executives were optimistic about blockchain and cryptocurrency technologies for speedier payments, as well as the possibilities of blockchain payment processing. These feelings have now taken on actual importance.
Second, while the applications for blockchain payments are diverse, they may not be of equal interest. When it comes to domestic payments, organisations prefer business-to-business (B2B) platforms. For reference, peer-to-peer (P2P) payments are the second most common use case among individuals testing or using cryptocurrencies, accounting for 20%.
Consumer-to-business (C2B) payments are the least popular use case for businesses developing or testing blockchain technology. However, some C2B interest exists among those exploring future use.
Respondents also indicated a significant preference for cross-border payment use cases that minimise friction, risk, and expense.
Third, anxieties about bitcoin are “mostly” decreasing. Ripple notes an optimistic trend, indicating that 59% of respondents’ businesses accept (or are considering allowing) customers to pay using bitcoin. Currently, 28% of organisations are against this. Concerns among this latter group stem from two primary factors: cryptocurrency aversion and low-risk tolerance.
Last but not least, payment executives continue to hold strong views on blockchain technology and sustainability.
Ripple shares expectations on blockchain use in global payments
Ripple reveals its expectations for blockchain technology, describing it as delivering proven results across a diverse, wide range of compelling use cases for money transfers, faster and less expensive payment transactions, and a more future-proofed, transparent payment option than traditional payment methods.
As deployments proliferate, Ripple expects the story of blockchain’s durability, flexibility, and value in global payments to expand.
