According to the most recent payments study by Ripple and the Faster Payments Council, Latam (Latin America) retailers would adopt cryptocurrency payments slightly slower than merchants in other countries. The report, which interviewed over 300 global payment leaders, indicates that major crypto use for payments will stabilize in three years.
Ripple Study: Crypto Payments To Lag In Latam Compared To Other Regions
The most recent crypto payments study by Ripple and the Faster Payments Council, a U.S. membership organization, indicates that Latam businesses would deploy cryptocurrency-based solutions more gradually than merchants in other countries. Despite Latam’s challenges with inflation and fiat currency devaluation, the study demonstrates that other areas will have a competitive advantage in the payments sector in the future.
67% of the nearly 300 payment institutions surveyed for the survey think it will take over three years for cryptocurrency payment usage in Latam to take off. Comparatively, the poll reveals that more than 80% of these leaders predict that more than 50% of the merchants will accept crypto payments in less than three years when dealing with regions like Africa.
Latam lags behind other markets like Europe and APAC, which are likewise expected to have a far more significant adoption of cryptocurrency payments than Latam. Latam lags behind other markets like Europe and APAC, which are likewise expected to have a far larger adoption of cryptocurrency payments than Latam.
The Evolution Of Cryptocurrency Payments: What Lies Ahead?
The survey paints a positive picture of cryptocurrency payments, which are seen as a method to supplement the current payment system by industry leaders. According to the report, the new blockchain-based system offers several benefits, including improved transparency, decreased process complexity, and lower costs.
Cross-border payments can reportedly be made more affordable and straightforward due to the new crypto-based payment system. By employing the alternative crypto system to settle payments, Juniper Payments, one of the Faster Payment Council’s members, predicted that institutions will save $10 billion by 2030.
In actuality, this is one of the main benefits cited as essential to accepting cryptocurrency for payments. Most institutions surveyed (almost 70%) indicated that employing blockchain technology for payments had the most prominent financial advantages.
Countries like Argentina, where QR payments, which can potentially entail cryptocurrency transactions, are breaking records in their use, are already seeing a rise in the acceptance of digital payments.