The global payments landscape is undergoing a transformative shift, driven by technological innovation and evolving customer expectations. At the heart of this evolution lies blockchain technology—a system increasingly recognized not just for its association with cryptocurrencies, but for its tangible impact on efficiency, transparency, and cost reduction in payment systems.
To better understand current trends and future trajectories, Ripple and the US Faster Payments Council (FPC) conducted a comprehensive 2023 global survey of over 100 payments leaders across North America, South America, Asia, Europe, and Africa. These respondents represent key sectors including banking, fintech, retail, and consumer technology—offering a diverse and authoritative perspective on the state of modern payments.
This article distills four critical insights from the survey, exploring how blockchain is reshaping payment ecosystems, which use cases are gaining traction, how concerns around crypto are shifting, and why sustainability matters more than ever.
1. Blockchain in Payments Delivers Real Business Value
Gone are the days when blockchain was seen solely as a speculative or experimental technology. Today, it’s delivering measurable benefits across the payments value chain.
A striking 77% of survey respondents reported that using blockchain for payments is either very beneficial or somewhat beneficial to their end customers. Similarly, over 60% see value in enabling cryptocurrency-based transactions. These figures reflect a growing consensus: blockchain isn’t just promising—it’s performing.
Organizations are realizing concrete advantages such as:
- Reduced transaction costs
- Faster settlement times
- Enhanced security
- Greater transparency
These improvements apply to both domestic and cross-border transactions, spanning peer-to-peer (P2P), consumer-to-business (C2B), business-to-business (B2B), account-to-account (A2A) transfers, payroll processing, and disbursements.
Key statistics further validate the impact:
- 58% cited improved transparency in payment tracking
- 56% experienced faster resolution and settlement
- 55% achieved lower international payment costs
- 53% reduced domestic transaction expenses
Beyond operational gains, leaders are recognizing strategic opportunities. Over 60% noted enhanced customer experience, while 44% identified new competitive advantages—such as improved profit margins on transfers. Notably, 28% believe blockchain can help grow their customer base, and 26% see it as a tool for increasing customer retention.
As one executive put it:
“We will be able to add more embedded payment use cases and give customers choice.”
This shift signals a broader trend: blockchain is no longer just a back-end efficiency tool—it’s becoming a driver of business growth and customer engagement.
2. Blockchain Payment Use Cases Are Expanding—With B2B Leading the Way
While blockchain applications span multiple domains, not all use cases are equally prioritized. The survey reveals clear patterns in adoption intent and current deployment.
Domestic Payments: B2B Takes Center Stage
For domestic transactions, business-to-business (B2B) payments dominate both testing and active usage phases. Among organizations experimenting with cryptocurrency domestically, over 40% are focused on B2B applications. For those already live with crypto solutions, 37% have implemented B2B use cases—far ahead of peer-to-peer (P2P), which stands at 20%.
Even among firms merely exploring future possibilities, B2B remains the top anticipated application. This preference underscores the demand for faster reconciliation, automated invoicing, and seamless intercompany fund transfers—all areas where blockchain excels.
When considering broader blockchain (not limited to crypto), adoption is more balanced: P2P, A2A, and B2B are nearly equally pursued, suggesting that foundational infrastructure development is underway across multiple channels.
Cross-Border Payments: Efficiency Meets Demand
Cross-border transactions remain one of the most compelling use cases for blockchain. Traditional systems often involve multiple intermediaries, delays of several days, and high fees—pain points that blockchain directly addresses.
Among organizations actively exploring or deploying blockchain solutions:
- B2B cross-border payments are the most popular use case
- For those already using blockchain, P2P and B2B transactions are equally targeted (26% each)
- Despite lower current interest, C2B shows emerging potential, particularly among forward-looking firms
One participant highlighted a strategic vision:
“Our first use case is to facilitate transactions with our core system accounts. Our second is to establish a closed loop network between all client accounts… Lastly, we’ll look at interactions with other closed-loop blockchain networks.”
This layered approach reflects a maturing mindset—moving from isolated pilots to integrated, scalable ecosystems.
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3. Crypto Concerns Are Fading—Regulation Remains Key
Despite growing confidence, challenges persist—particularly around regulatory uncertainty.
When asked about barriers to cryptocurrency adoption in payments:
- 64% cited lack of regulatory clarity
- 57% pointed to price volatility
- 48% mentioned insufficient industry adoption
Yet there’s reason for optimism. 59% of organizations either allow or are considering allowing customers to pay with cryptocurrencies, while only 28% currently do not support it. For those holding back, the primary reason is “crypto aversion” rooted in risk management culture rather than technical limitations.
Encouragingly, concerns once considered major roadblocks—such as unclear benefits, high technical investment, or lack of leadership buy-in—are now cited by fewer than 10% of respondents. This indicates significant market maturation.
Global regulatory progress has played a crucial role. In 2023, jurisdictions like the EU advanced comprehensive crypto asset frameworks (MiCA), while the U.S. saw pivotal legal developments reinforcing digital assets’ legitimacy. These shifts have helped reduce ambiguity and foster institutional participation.
“Value moving at the speed of data with potentially near zero cost speaks for itself.”
— Survey Respondent
As clarity increases, so does confidence—paving the way for broader integration into mainstream financial systems.
4. Sustainability Is a Growing Priority in Blockchain Adoption
Environmental impact is no longer a fringe concern—it’s central to decision-making.
This year, 81% of respondents acknowledged the environmental implications of blockchain technology. Of those:
- 60% said low energy consumption is very important
- 18% considered it somewhat important
However, awareness gaps remain. Only 53% understand the difference between energy-intensive proof-of-work (PoW) and efficient proof-of-stake (PoS) consensus mechanisms. Meanwhile, 20% are unaware of environmental variations across different blockchains.
This knowledge gap presents an opportunity for education and responsible innovation. As enterprises prioritize ESG goals, they’re more likely to adopt sustainable blockchains—driving demand for greener protocols and influencing platform selection.
Frequently Asked Questions
Q: What are the main benefits of using blockchain in global payments?
A: Key benefits include faster settlement times, lower transaction costs (especially cross-border), enhanced transparency, improved security, and better customer experiences.
Q: Which payment use case is most commonly adopted using blockchain?
A: Business-to-business (B2B) payments—both domestic and cross-border—are the most widely adopted and explored use cases.
Q: Is cryptocurrency widely accepted for payments today?
A: While full adoption isn’t universal, 59% of organizations either accept or are considering accepting crypto payments, signaling strong momentum.
Q: Are environmental concerns slowing blockchain adoption?
A: Awareness is growing—81% recognize environmental impacts—but only half understand energy differences between protocols. Education will be key to sustainable scaling.
Q: How does regulation affect blockchain payment deployment?
A: Regulatory uncertainty remains the top barrier (64%), but recent global progress is increasing confidence and encouraging institutional participation.
Q: Can blockchain reduce costs for domestic payments?
A: Yes—53% of respondents reported lower domestic payment costs after implementing blockchain solutions.
The global payments ecosystem is evolving rapidly. Blockchain technology has moved beyond hype to deliver proven results in real-world applications—from accelerating settlements to reducing friction in international trade.
With B2B leading adoption, sustainability gaining attention, and regulatory frameworks maturing, now is the time for businesses to evaluate strategic integration.
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