Conducted in August of 2018, the Blockchain in Payments Report analyzed data from 676 respondents across 22 countries who are directly involved with payment services at their organization. These were not necessarily Ripple customers. The survey was
completed by a third-party research organization, with insights and analyses carried out jointly by Ripple and Celent.
Key findings
Blockchain strengths are acknowledged. A strong minority thought that blockchain could lead to specific improvements, signaling recognition of the potential for disruption. Of these improvements, speed ranked first (42%), followed by greater geographic access (40%), cost reduction (38%), and improved transparency (36%). The rank of blockchain’s strength varies by service type (Figure 3).
Ripple’s client experience echoes this finding. Customers state that two of the top reasons to use Ripple’s blockchain technology is to expand to new geographies and to access new partnerships.
A drill down by industry in Figure 4 reveals that respondents in the finance and broker category show the strongest recognition of blockchain’s potential with 60% saying they were very interested, followed by FinTech (47%) and banking (46%).
In a separate drill down that looked at respondents based on the services they provide, remittance providers showed the strongest recognition of blockchain’s advantages with an average of 49%. Interestingly, remittance providers who believe that their customers are extremely satisfied felt the strongest about blockchain’s strengths, signaling that they have been vetting blockchain solutions.
Respondents who are using blockchain in production or near production for the payments use case came in at 18%. These respondents are called Innovators and Early Adopters. On their heels are the 27% of respondents running pilots or proofs of concept (PoC) or who are close to signing a PoC. In the figure, they’re known as the Early Majority. The relative size of this entire group — nearly 45% of all respondents — is a clear indication that the tipping point for mass adoption of blockchain is fast approaching (Figure 5).
For more details download Blockchain in Payments Report
Ripple is coming to Banking 4.0 – international fintech conference, organized in Bucharest, at Novotel Hotel, on November 27th. Ripple’s speaker will be Jeremy Smith, VP of EU Strategic Accounts at Ripple.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
