Ripple conducted a survey in collaboration with the US Faster Payments Council (FPC) to guide payment leaders on ongoing trends and technological developments in the payment ecosystem. More than 100 payment leaders participated in this survey, including CEOs, founders, and technical leaders. In this context, Ripple shared its observations on the advantages of payment usage, adoption plans, and obstacles to growth in a blog post.
With this survey on blockchain and crypto payments, Ripple allowed payment leaders to express their thoughts and goals by answering questions. 77% of the survey participants stated that using blockchain in payments was “Very Useful” or “Somewhat Useful” for their organizations’ end customers. 60% of the participants also suggested the same for customers using cryptocurrency for payments.
Ripple received responses to the survey stating that blockchain would be useful. One of these answers was:
“[Blockchain will be useful] by driving faster payments between businesses, reducing settlement windows, and ensuring close-to-real time payments for all bookings.”
More than 60% of the participants believed that payment experiences for end consumers had improved. Additionally, 28% of the participants believed that technologies could empower and increase the customer base.
Regarding internal usage, Ripple mentioned organizations’ inclination towards internal applications. Participants expressed willingness to explore cross-border payment use cases to reduce disputes, risks, and costs.
Another focus of Ripple’s survey is crypto concerns. While participants expressed enthusiasm for cryptocurrencies, they also raised concerns. When asked about obstacles to the use of cryptocurrencies in payments, 60% of the participants cited regulatory uncertainties.
Concerns about price fluctuations were mentioned by 57% of the participants, and 48% believed there wasn’t enough adoption yet. Despite these concerns, 59% of the participants allow or consider allowing crypto payments to their customers, while 28% do not support it.
Finally, Ripple stated that 81% of the participants acknowledged the environmental impact of blockchain usage. More than half, 53%, claimed to be knowledgeable about proof-of-work and proof-of-stake. After sharing the survey results, Ripple poses the question, ‘If not now, when?’
As of the time of writing, Ripple’s XRP token is trading at $0.547, and its 24-hour trading volume has decreased by 11%, reaching $1.3 billion.
