It may have a bit of a high “we from WC-DUCK” content, but according to one research from Ripple 97 percent of payment companies are wildly enthusiastic about the future of cryptocurrencies and blockchain. On March 2, Ripple and the Faster Payments Council (FPC) released a report on the opportunities for crypto in the payments industry.
Transformation
Titled “Transforming the Way Money Moves,” the report provides insight into trends that Ripple believes are happening right now. More than 950 FPC subscribers were invited to participate in the survey. The answers came from analysts and CEOs from 45 different countries.
In the end, 281 companies responded to FPC’s request, which means that there is no question of a large-scale investigation. In that respect, the question remains to what extent the results can be called reliable. It may be the case that parties who are still enthusiastic about the research responded in particular.
Those 281 companies received 25 questions about blockchain technology and applications for the payment industry. According to the results, 97 percent of the payment industry believes blockchain will play a significant role in accelerating payments over the next three years. If it is up to them, this will really take place in the short term.
Pay with Bitcoin
The big dream of every Bitcoiner is of course to be able to pay everywhere with the digital currency. At the moment that is still far from reality. However, more than 50 percent of those surveyed say they expect most merchants to accept Bitcoin as a form of payment within 1 to 3 years.
Despite strong support for paying with Bitcoin among those surveyed, only 17 percent currently accept payments with crypto. The biggest barrier to accepting crypto or doing business with blockchain technology right now, according to those surveyed, is legislative in nature.
There is currently a lot to do about the regulatory uncertainty for the industry. Several big boys have already indicated that the industry would benefit enormously from better and clearer regulations, so that everyone knows where they stand.
