The study was conducted by Ripple specialists together with the staff of the U.S. Fast Payments Council (FPC). The survey polled nearly 300 professionals (from analysts to directors) of financial industry companies from 45 countries who work in several sectors of the economy – banks, retail and fintech.
“The survey results show that executives at leading payment operators are dissatisfied with traditional international money transfer systems. 97% of respondents believe blockchain and cryptocurrencies have the potential to transform the way money is transferred,” say the authors of the research report.
Ripple analysts expect annual growth in international money transfers to be around 5%. By 2030, the figure will reach $156 trillion per year, as a result, the cost savings of using cryptocurrencies and blockchain has the potential to reduce costs by $10 billion over those years.
50% of respondents believe that most merchants will start accepting cryptocurrency payments within the next three years.
Brian Armstrong, CEO of US cryptocurrency exchange Coinbase, believes the next stage of the cryptocurrency industry will be to make crypto payments instant and free across the globe.