Ripple Report: 50% of Merchants to Accept XRP Crypto Payments in Three Years

Have you ever had the experience of remitting money abroad, as traditional finance is too expensive?!

Ripple's latest report shows that over 50% of surveyed payment providers predict that most merchants will accept crypto payments within the next one to three years. This trend is primarily driven by the cost advantages of cryptocurrency payments.

Growth in Usage: It is expected that by the end of 2023, there will be 5.5 million users of crypto payments in the United States, a growth of 350% compared to 2020.

Cost Advantages: Using stablecoins for cross-border payments can reduce costs by 80%. For example, for a cross-border transfer of $500, the transaction fee using blockchain is about $4.8, while traditional bank transfers cost around $20.

Remittances: Expected to be the most mature application.

Cross-border B2B payments, bank card payments, and digital payments: These are also major application scenarios.

90% of respondents believe that regulatory ambiguity is the main barrier to cryptocurrency payments. Nevertheless, governments around the world are beginning to face cryptocurrency regulation and establish relevant laws.

Currently, only 17% of respondents are using crypto payments, but 52% are considering using them.

With the continuous popularization of cryptocurrency technology, the Ripple report further demonstrates its significant impact on the global financial system.

The development prospects of crypto payments in the coming years are promising.