Latam merchants will take longer to adopt cryptocurrency payments compared to merchants in other regions, according to the latest payments survey conducted by Ripple and the Faster Payments Council. The survey, which polled close to 300 payment leaders globally, suggests mass adoption of crypto for payments will solidify within three years.
Ripple Crypto Payments study shows that Latam will lag compared to other regions
The latest crypto payments study made by Ripple and the Faster payments tip, a US membership-based organization, shows that Latin American merchants will take longer to implement cryptocurrency-based solutions compared to other regions. The document, which seeks to understand and measure the impact that cryptocurrencies will have in the field of payments in the future, shows that other regions will have the advantage in the area even with Latam’s difficulties regarding inflation and currency devaluation. fiat currency.
Of the almost 300 payment institutions consulted in the survey, 67% believe that the boom in the adoption of cryptocurrency payments in Latam will occur within more than three years. Comparatively, when it comes to regions like Africa, the survey shows that more than 80% of these leaders believe that more than 50% of merchants will adopt crypto payments less than three years from now.
Latam lags behind other regions such as Europe and APAC, which also enjoy more favorable predictions for the mass implementation of cryptocurrency payments.
The future of cryptocurrency payments
The survey paints a favorable picture for crypto payments, seen by industry leaders as a way to complement the legacy payment system. The new blockchain-based system has 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 payment system is said to be in the ability to make cross-border deals cheaper and easier. Juniper Payments, one of the members of the Faster Payment Council, estimated that institutions would save $10 billion by 2030 by using the alternative cryptographic system to settle payments.
In fact, this is one of the biggest advantages reported as key to the adoption of crypto for payments. Nearly 70% of the surveyed institutions responded that the lower cost of payment was the higher benefit of using blockchain technology for payments.
Digital adoption for payments is already growing in countries like Argentina, where QR payments, which can also involve cryptocurrency transactions, are breaking records in their use.
What do you think about the adoption of crypto payments in Latam? Tell us in the comment section below.
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