Despite the bear market and the lackluster short-term outlook for crypto prices, industry players remain unanimous on the adoption side. This should continue unabated, especially because of the advantages offered by the blockchain and its applications. In this wake, a report has shown that merchants around the world should have a strong appeal for crypto payments, especially via bitcoin (BTC).
A boulevard for crypto payments
Globally, merchant use of bitcoin (BTC) payments is expected to grow by 50% over the next three years.
This is shown by the report ”Transforming the way money moves”, produced by crypto company, Ripple in conjunction with the Faster Payments Council. It is an American organization of payment companies, whose vision is a world-class payment system where Americans can pay securely anywhere, anytime and with near-immediate availability of funds. To reach this conclusion, the authors of the report questioned 300 payment industry managers around the world. These came from a total of 45 countries.
According to the stakeholders surveyed, bitcoin payments are attracting growing interest, with blockchain technology emerging as a cost-effective alternative to traditional payment systems. A total of four primary use cases are expected to drive this growth. These are remittances, business-to-business cross-border payments, card payments and digital payments.
“Remittances account for the largest share, with overseas workers turning to crypto to avoid high transaction fees when sending money home. The use of bitcoin payments through PayPal and Stripe has also significantly driven adoption and is expected to play a key role in growth.”we read in the report.
The Middle East as a leader in this growth
Growth in merchant adoption of the flagship crypto will be driven by the Middle East, according to the authors of the paper. 64% of payment companies in the region believe that more than half of on-site merchants should start accepting bitcoin payments before 2025.
In the ranking, the other important points of growth will be Europe, North America and Africa.
The survey results also revealed that 97% of respondents believe that crypto payments will play an important role in accelerating payments over the next three years. For 89% of the payment companies consulted, regulatory uncertainty in the sector constitutes an obstacle to the use of blockchain technology as a means of payment.
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