Will XRP react to Ripple’s new report on Blockchain in payments - CryptoCrazeNews

Will XRP react to Ripple’s new report on Blockchain in payments

Will XRP react to Ripple’s new report on Blockchain in payments

Will XRP react to Ripple’s new report on Blockchain in payments

Ripple recently published insights from its second annual 2023 worldwide survey on blockchain payment systems, held in collaboration with the US Faster Payments Council (FPC). Through this study, over a hundred payment leaders were involved such as founders and CEOs and technical experts among others. They provided information about the existing landscape as well as future of blockchain in payments.

Ripple’s Key findings from the survey

Ripple thus made four revelations to the attendees about blockchain in global payments. Real value is being unlocked by blockchain in payments.

It is true that top management was bullish on blockchain and cryptocurrency technology as a faster payment solution, as well as the potential of using blockchains for processing payments. However, this has now turned into tangible value.

Secondly, while the possible use-cases for blockchain payments can be numerous, there could be differing levels of interests in them. For domestic payments, companies seem to prefer business-to-business (B2B) applications. As background: peer-to-peer (P2P) payments rank second among those testing or using cryptocurrencies at 20%.

Consumer-to-business (C2B) has become the least attractive use case for firms developing or piloting distributed ledger technologies, yet some interest exists in C2B for future purposes. Similarly, respondents were enthusiastic about cross-border payment options which minimize friction as well as reduce risk and costs.

Thirdly, the fear of cryptocurrency is reducing in most leaders. According to Ripple, approximately 59% of organizations allow or are thinking about enabling crypto payments by the customers. However, 28% of them still contemplate, expressing concerns over dislike for cryptos and risk appetite.

Lastly, when it comes to payment decision makers blockchain sentiment is still strong. According to Ripple, Blockchain is still creating value by facilitating faster and more effective, transparent payments as against traditional remittances.

The strategy

Ripple’s strategy for blockchain technology advocates for its widespread adoption as a viable answer to various compelling use cases about international money transfers, banking and payments.  They consider blockchain as an established means of facilitating currency remittance, boost payment transaction throughput rates while offering viewable payment alternatives not dependent on future modalities.

With the expansion of blockchain implementations across the globe, there will be increased discussions concerning blockchains durability, flexibility and applicability in worldwide payments from Ripple.

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