According to a survey conducted by Ripple and Faster Payments, about 300 payment providers from 45 countries believe that blockchain and cryptocurrencies can improve traditional finance.
Cryptocurrencies can increase the speed of payments and settlements, as well as make them more transparent and accessible to people, unlike existing financial systems, the interviewed providers assured. 97% of industry leaders believe that the latest technologies will speed up payments in the next three years, but this requires more clarity in the regulation of the crypto industry and ensuring a high level of payment security.
The authors of the report note that, despite the relatively low volume of cryptocurrency payments compared to conventional payments, the number of settlements using digital assets is growing rapidly. Over the past three years, it has jumped by 350% in the US alone, while large companies like Stripe, Worldpay and Checkout.com have added support for stablecoins for settlement.
90% of payment processors surveyed believe that cryptocurrencies can reduce the cost of international transactions, and 75% expect to reduce the cost of domestic payments. In addition to saving on costs, cryptocurrencies and blockchain can eliminate the need for pre-financing, the study participants believe. More than half of the participants are considering using cryptocurrencies, and only 17% already support payments with cryptoassets.
The survey revealed that almost all respondents are concerned about the impact of cryptocurrencies on the environment. Most payment company executives are already familiar with the greener Proof-of-Stake (PoS) consensus algorithm. According to a Ripple study last year , over 70% of financial firms believe in the potential of central bank digital currencies.
