A new study conducted by Ripple and the Faster Payments Council (FPC) has revealed that more than half of the leaders of payment firms surveyed believe that most merchants will accept cryptocurrencies as a settlement method within the next one to three years. The study also found that almost every participant believes that blockchain technology will enable faster financial transactions in the near future.
The study, which surveyed 300 payment firm leaders from around the world, found that more than half of the respondents believe that global merchants will start accepting crypto payments within the next three years. Participants from the Middle East and Africa were the most bullish, with 27% predicting that this will happen within the next 12 months. Latin Americans were the most bearish, with 67% predicting that this will occur more than three years from now.
The study also found that over 50% of the surveyed leaders believe that lowering payment costs, both internationally and locally, is crypto’s main advantage. This is followed by faster transaction times and increased security.
The study’s findings suggest that cryptocurrencies could transform cross-border payments in the near future. With more merchants accepting crypto payments, it could become easier and cheaper for people to send money across borders. This could be particularly beneficial for people in developing countries who rely on remittances from family members living abroad.
Overall, the study’s findings suggest that the adoption of cryptocurrencies and blockchain technology is set to increase in the coming years, with more and more businesses recognizing the benefits of these technologies.
