Ripple’s latest study on crypto payments shows that Latam merchants take longer to implement cryptocurrency-based solutions than other regions.
This paper, which aims to understand and quantify the impact cryptocurrency will have on payments in the future, shows other regions will have an edge even with Latam’s problems regarding inflation and fiat currency valuation.
The poll surveyed nearly 300 payment institutions and found that 67% of them believe the cryptocurrency adoption boom in Latam will happen in three years.
Comparatively, the poll shows more than 80% of leaders in Africa believe that crypto payments will be adopted by more than half of merchants within three years.
Latam is behind Europe and APAC which have more favorable forecasts for the widespread implementation of cryptocurrency payments.
The Future of Cryptocurrency payments
Leaders in the industry see the survey as a complement to the legacy payment system.
According to the report, there are many benefits to using blockchain-based technology, such as lower process complexity, lower costs and increased transparency.
The ability to settle cross-border payments faster and cheaper is one of the greatest benefits of the new crypto-based payment system. Juniper Payments, a member of the Faster Payment Council estimated that institutions could save $10 billion by 2030 using alternative crypto systems to settle payments.
This is actually one of the main reasons for crypto payments adoption. Nearly 70% of institutions polled said that blockchain technology for payments offers the greatest benefit due to the low cost of payment.
In countries such as Argentina, digital adoption of payments is growing. QR payments that can also include cryptocurrency transactions are breaking records in their usage.