97% think so – To the question is the cryptocurrency and the blockchain will play a significant role in the future, payment professionals have answered yes to 97% ! Indeed, in recent months, we have seen major money transfer players like Visa or Mastercard openly position themselves for cryptos. So, you have to understand cryptos in a broad sense, since central bank digital currencies (MNBC) also fall into the category. But blockchain technology is of more than one interest to these payment specialists despite current regulatory uncertainties. A study conducted by the US Faster Payments Council and Ripple confirms our recent impressions.
An extensive study conducted by Ripple and American payment professionals
First a quick word on this US Faster Payments Council which is an organization made up of American payment professionals. The objective of this organization isimprovement of the global payment system while respecting certain values such as inclusion and equity, flexibility and responsiveness, and transparency. This organization is associated with Ripple to conduct industry research on blockchain interest.
I’study was conducted with 300 leaders, analysts or executives of companies concerned by these issues. FinTech, banking, entertainment, media or consumer technology, the study tried to cover this payment sector as broadly as possible. All in 45 countries. And the result is a almost–plebiscite cryptos!
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Payment professionals very optimistic about the use of blockchain and cryptos…
We have already seen that 97% of them thought that technology would play ” a significant or very significant role » during next 36 months. In detail, there are geographical differences of point of view. For example, in Africa and the Middle East 27% of respondents believe this should happen in the coming year, while in Latin America they are 67% to see rather that in 3 years.
Now let’s see the main benefits of this technology. Unsurprisingly, this is the cost reduction which comes first with 50% answers, with a growing interest in cross-border payments. But the speed of the process is also of great interest to respondents at the national level. Here is what we can read in the study on this subject:
“In particular, domestic payment providers view cryptocurrency as an answer to transaction and processing fees, which often reach up to 4%, according to the US Chamber of Commerce. »
…but rather in the future because currently uncertainty remains
But despite this obvious enthusiasm for cryptos, it appears that only 17% of respondents already use it. So how can this discrepancy between the stated will and the implementation be explained? The first major hurdle for 89% participants is lack of regulatory clarity which leaves a legal uncertainty, incompatible with large-scale investments.
Then, for 45% of respondents, the second obstacle is the fact that few companies use cryptocurrency. And this inevitably goes back to the first point, namely that with a clearer regulatory framework, retail traders would be more willing to take the plunge. Finally, there are also concerns about the treatment concrete digital assets (32%), on the consumer protection against volatility (24%) or on the investments to be made (20%).
It is often said that a clear regulation will be the starting point of a mass adoption of the general public, this is the kind of study that confirms it. Indeed, both professionals and retail merchants need to know what tomorrow will bring before embarking on payment 3.0. And the least we can say is that there is a wait when we know that on average it costs 6% to send 200 dollars internationally according to the World Bank. Soon the Lightning Network for everyone ?
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