Ripple Report: 50% of Merchants Will Accept XRP Cryptocurrency Payments Within Three Years

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

Ripple's latest report shows that over 50% of payment industry respondents predict that most merchants will accept cryptocurrency 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 cryptocurrency payments in the United States, a 350% increase compared to 2020.

Cost Advantage: Cross-border payments using stablecoins can reduce costs by 80%. For example, a $500 international transfer will incur a transaction fee of about $4.8 using blockchain, while a traditional bank transfer costs about $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 cryptocurrency payments, but 52% are considering using them.

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

The development prospects of cryptocurrency payments in the coming years are highly anticipated.