Ripple Survey Suggests Latin American Merchants to Massively Adopt Crypto Payments After 3 Years –

Merchants in Latam will be slower to accept cryptocurrency payments compared to merchants in other regions, according to the latest payments survey Ripple and the Faster Payments Council. The survey, which polled nearly 300 payment leaders worldwide, suggests that the massive adoption of crypto for payments will solidify three years from now.

Ripple Crypto Payments Study Shows Latam Will Underperform Compared to Other Regions

The latest study on crypto payments, conducted by Ripple and the Faster Payments Council, a US affiliate, shows that Latin American merchants will take more time to implement cryptocurrency-based solutions compared to other regions. The paper that attempts to understand and measure the impact that the cryptocurrency will have on payments in the future shows that other regions will come out on top in this area, even with Latam’s difficulties regarding inflation and fiat currency devaluation.

Of the nearly 300 payment institutions surveyed in the survey, 67% believe that the boom in cryptocurrency payment adoption will happen in Latam in more than three years. In comparison, the survey when dealing with regions like Africa shows that more than 80% of these executives believe that more than 50% of merchants will adopt crypto payments in less than three years.

Latam is falling behind other regions like Europe and APAC, which also have more favorable prospects for massive cryptocurrency payment implementations.

The future of cryptocurrency payments

The survey shows a favorable panorama for crypto payments, which industry leaders see as a way to complement the legacy payment system. The new Blockchain-based system offers several advantages, including reduced process complexity, lower costs and greater transparency, according to the report.

One of the biggest improvements of the new crypto-based payments system is said to be its ability to make cross-border settlements cheaper and easier. Juniper Payments, one of the members of the Faster Payment Council, estimates that institutions would save $10 billion by 2030 by using the alternative cryptosystem to process payments.

In fact, this is one of the biggest benefits cited as the key to adopting crypto for payments. Almost 70% of the surveyed institutions answered that the lower cost of payment is the biggest benefit of using blockchain technology for payments.

Digital acceptance for payments is already growing in countries like Argentina, where QR payments, which can also include cryptocurrency transactions, are breaking usage records.

What do you think about the introduction of crypto payments in Latam? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price surge took place in December 2017. He has a computer engineer background, lives in Venezuela and is socially affected by the cryptocurrency boom. He offers a different take on crypto’s success and how it’s helping those who are unbanked and underserved.

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