Adoption of Bitcoin as a payment method by merchants is predicted to rise by 50% in the next three years, according to a report from Ripple and Faster Payment Council. The survey, which involved 300 payment leaders from 45 different countries, showed that blockchain technology has become a cost-effective alternative to traditional payment systems. The top four use cases for crypto payments are remittances, cross-border B2B payments, card payments, and digital payments. The growing adoption of Bitcoin payments by PayPal and Stipe has also contributed to the increase in popularity. Additionally, stablecoins like USDT and USDC have gained significant popularity due to their low volatility, with cross-border payments using stablecoins being 80% less expensive than traditional payment methods.
The majority of payment companies believe that merchants globally will increasingly use cryptocurrencies in the near future, with 64% of payment companies in the Middle East anticipating more than 50% of merchants will start accepting cryptocurrency payments within the next three years. Europe follows with 58%, North America with 51%, and Africa with 51%. However, the lack of regulatory clarity in the crypto-asset sector is considered a “barrier” to using blockchain technology as a means of payment by 89% of the payment companies surveyed. Despite this, there have been recent advancements in regulating the cryptocurrency sector in various countries, such as Venezuela and El Salvador, with other countries like South Africa, Brazil, and Singapore making progress in their regulations. The report determined that the increasing optimism of companies for this market could be due to a growing desire for access and inclusion to wider financial services, and that other blockchain-based payment methods, such as central bank digital currencies, would improve global payment systems.
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