A recent payments survey conducted by Ripple and the Faster Payments Council found that merchants in Latam are slower to adopt cryptocurrency payments than those in other regions The study, conducted by the Faster Payments Council of Ripple & Ripple, Inc. The survey, which polled nearly 300 payment leaders at the global level, suggests that large-scale crypto adoption for payments will solidify in three years.
Ripple Crypto Payments Study Shows Latam Will Lag Compared to Other Regions
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The latest crypto paymentsstudyconducted by Ripple andFaster Payments Council” a U.S. membership organization, showed that it takes more time for merchants in Latam to adopt cryptocurrency-based solutions than in other regions. The paper aims to understand and measure the future impact of cryptocurrencies on the payments sector and shows that other regions have an edge in this area, even given Latam’s difficulties with inflation and fiat devaluation.
Of the approximately 300 payment institutions consulted in the poll, 67% believe that a boom in cryptocurrency payment adoption in Latam will occur more than three years from now. Comparatively, when dealing with regions like Africa, the poll shows that more than 80% of these leaders believe that more than 50% of merchants will adopt crypto payments within three years from now.
Latam lags behind other regions such as Europe and APAC, which also have more favorable forecasts for large-scale adoption of cryptocurrency payments.
The Future of Cryptocurrency Payments
The study presents a favorable panorama of crypto payments, which industry leaders see as a way to complement legacy payment systems. New systems based on blockchain present several advantages, according to the study, including reduced process complexity, reduced costs, and increased transparency.
One of the biggest improvements of the new crypto-based payment systems is said to be their ability to make cross-border payments cheaper and easier, according to Juniper Payments, one of the members of the Faster Payment Council, which is using an alternative cryptosystem Juniper Payments, one of the members of the Faster Payment Council, estimates that agencies could save $10 billion by 2030 by using alternative cryptosystems to make payments.
In fact, this is one of the biggest benefits reported as key to adopting crypto for payments. Almost 70% of the institutions polled said that the biggest benefit of using blockchain technology for payments is the reduction in payment costs.
Countries like Argentina are already digitizing payments, with record-breaking usage rates for QR payments, which also allow for cryptocurrency transactions.
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