Ripple survey: 56% of consumers prefer crypto payments

Over the years, cryptocurrency has managed to make its place in the market. 2022 may not be the year for crypto, yet the global adoption of digital currency shows that it has a potential future. Today, in the bearish market, the total market capitalization of crypto stands at $ 1.01 trillion. With more than 300 million people holding cryptocurrencies. 

We have witnessed global brands like Gucci, and Tesla, accepting crypto payments. News circulated that 75% of the US retailers were planning to build a crypto payment gateway to accept cryptocurrency as payments. Times are changing and so are the consumers. According to a worldwide study, crypto is a new payment option for financial institutions. This not only provides a better opportunity to deliver the best customer experience but also decreases the expense of operations. 

Also Read: Crypto Regulations: The Need for a Compliance-Driven Crypto Broker Platform

Global Research Firm, Ripple Conducts a Survey 

Ripple conducted a worldwide survey that suggests that 56% of consumers prefer merchants who receive crypto as their payment method. The report, “New Value Crypto Trends”, in Business and Beyond 2022 shows that the survey suggests 33% of the consumers would consider purchasing using cryptos. Among them, 25% of consumers said that they would love to send money using crypto to their families and relatives.

The report stated, “Almost one-third of the consumers said that they will consider using cryptocurrency to make an international or domestic payment. Moreover, one-quarter of them suggest that they would consider using crypto to send money to an international or domestic family member or friend”.

Cryptocurrencies Have The Potential to Revolutionize the Crypto Industry

Almost 800 people across twenty-two countries in Latin America (LATAM), Asia Pacific (APAC), Europe, North America, Middle East, and Africa (MEA), regions. The respondents from LATAM, MEC, and APAC provided a positive response, while the ones from North America and Europe had less positivity when compared.

According to the managing director of South Asia and MENA of Ripple, Navin Gupta, “With 50% of the worldwide consumers stating that they were more likely to pay merchants accepting cryptocurrencies, we can observe more and more businesses adopt crypto payment gateways to stand a place in the competition. However, it is not only about crypto to stay in the competition, it is also about using crypto to purchase goods and services. Cryptocurrency is also making an impact on the cross-border payment industry, where the transactions are not only costly but slow as well”.

He further asserted that “Cryptocurrencies have the potential to revolutionize the payment industry. Since the consumers accept crypto-enabled payment networks, the industry is only growing and maturing to have a dynamic and inclusive global financial system”.

Also Read: Everything You Need to Know About Crypto Credit Cards And Crypto Debit Cards

Why Do Consumers Prefer Crypto as Payment?

• Safety and Confidence
  As per the study, the respondents said that crypto transactions are quick, easy, and safe. Therefore, this makes them a preferred choice of payment. Since with banks, the transaction fees are huge and undergo several intermediaries. Moreover, cryptocurrency is the safest and easiest way to transfer money. Cryptocurrencies can be the future of finance, however, due to uncertainties, it is still in its nascent stage. 
• Minimize Risk in Fiat Money
  In the growing market, cryptocurrency does not have a better reputation. Since cryptocurrencies have a higher value in their reputation of making better business transactions and remittances. Moreover, their value will grow with the increase of their adoption. 
• Exclusive
  Crypto payments provide a deluxe feeling to consumers. Since it’s new in the market with such high capitalization, consumers said they find it an “exclusive experience”. Almost 40% of consumers who paid with cryptocurrency used it for the first time. This suggests that crypto acceptance is an attractive value that lures new consumers.

Limitations to the Use of Cryptocurrency

The Ripple report states “While the crypto adoption is still emerging, there are various opportunities for financial institutions to power new payment options. Moreover, deliver a better customer experience with new revenue flows, and low functional cost”.

The lack of regulations has a huge role to play in terms of attracting consumers to adopt cryptocurrency. Moreover, trust the entire crypto economy. There are various countries are adopting cryptocurrency. However, it will take years to add crypto as a part of our conventional financial system.

Wrapping Up

Cryptocurrency is a highly volatile market. On April 1st, 2021, the value of bitcoins was $46,281. By August 22, 2022, the value of Bitcoin reached $21,254. The Crypto market is the best way to generate high profits in less time. However, it is extremely volatile, which prevents investors from investing in it. With 56% of consumers supporting crypto payments, the virtual asset may be mainstream someday in the future.