Ripple Report: Crypto Payments to Save $10 Billion, Speed Up Transactions by 2030

blockchain.news:

In a report released by the US Faster Payments Council and Ripple, the transformative potential of crypto-enabled payments has been thoroughly examined. The report, titled «Transforming the Way Money Moves,» offers a comprehensive analysis of the current state of cryptocurrencies in the payment ecosystem, highlighting key trends, challenges, and opportunities.

Rapid Adoption and Interest

The report reveals that interest in crypto payments is surging across industries, with nearly 300 payments leaders from 45 countries participating in a global survey conducted by Ripple and the Faster Payments Council (FPC). A staggering 97% of providers believe that crypto-enabled solutions are essential for speeding up sluggish payments markets, both domestically and internationally.

In the United States, crypto payment adoption is forecasted to reach 5.5 million users in 2023, a 350% increase in just three years. Major payment infrastructure providers like PayPal and Stripe have already embraced crypto, supporting bitcoin and other mainstream cryptocurrencies.

Environmental and Regulatory Challenges

While the report paints a promising picture of crypto's future in the payments landscape, it also acknowledges significant challenges. Environmental concerns associated with blockchain use are recognized by 98% of respondents, with a clear understanding of the difference in impact between proof-of-work and proof-of-stake protocols.

Regulatory clarity remains a primary hurdle for crypto adoption, with almost one-third of participants citing this as the exclusive barrier. The recent framework released by President Biden in the US is seen as a positive step towards regulation, but more work is needed to foster widespread acceptance.

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