The cryptocurrency industry, despite the 2022 slump, was thriving in terms of adoption. While the declining value of these assets scared many, there was still hope. A recent report by Ripple noted how payment firms are still positive about the market.
Ripple alongside, Faster Payments Council [FPC] recently issued a report about the use of crypto assets in payments. The survey was carried out across 950 FPC subscribers, which included CEOs and analysts from about 45 countries.
The report suggested that 97% of respondents believe that blockchain technology and cryptocurrencies will play a key role in allowing swifter payments over the next three years. Within one to three years, the majority of retailers will accept cryptocurrency payments, according to more than 50% of payment executives questioned.
Just 17% of poll participants endorsed crypto-enabled payments at the time of the survey. But 52% of respondents said they were contemplating using digital assets for payments.
But why do individuals fear crypto-enabled payments? The answer to this question points to regulators. A whopping 90% of the respondents noted that a lack of regulatory clarity is stopping them from employing digital assets for payments.
However, the real question is whether payment giants like Visa and Mastercard still want to employ cryptocurrencies. A recent report highlighting how Visa and Mastercard wanted to “pause” crypto-related partnerships began surfacing. However, Cuy Sheffield, the head of Visa’s cryptocurrency division squashed these claims and said,
“We continue to partner with crypto companies to improve fiat on and off ramps as well as progress on our product roadmap to build new products that can facilitate stablecoin payments in a secure, compliant, and convenient way.”
Mastercard continues to embrace crypto
Similar to Visa, Mastercard did not put a hold on its crypto-related developments. Earlier this week, the payments giant partnered with Latin American cryptocurrency exchange Bitso to roll out a debit card in Mexico.
Additionally, in a poll conducted in 2022 by the cryptocurrency payment company Bitpay and the financial data platform Pymnts, the majority of respondents who worked for companies with yearly revenues of $1 billion were using crypto payments to attract and retain new clients. Therefore, despite the condition of the market, cryptocurrencies will continue to play a vital role in the payments industry.