In a collaborative research carried out by Ripple and the Faster Payments Council (FPC), it was found that over 50% of payment company executives surveyed believe that the majority of merchants will adopt cryptocurrencies as a mode of settlement within the next one to three years.

In a survey sent to over 950 FPC subscribers, representing over 70 primary business lines across 45 countries. More than 50% of the leaders surveyed anticipating that the majority of merchants will accept crypto payments within the next one to three years. Notably, executives from the Middle East and Africa displayed high levels of optimism, with 27% of them expecting to reach this milestone within the next year.

As per the survey, more than 50% of the participants believe that the primary advantage of cryptocurrency is the reduction in payment costs for both domestic and international transactions. Additionally, around 90% of leaders surveyed recognized improvements in international payment costs, while 75% anticipated similar benefits for domestic payments.

In addition,the lack of regulatory clarity is still the main obstacle for payment providers when it comes to their go-to-market efforts. Among those who identified additional barriers to adoption, almost 90% pointed to regulatory uncertainty as the primary deterrent.