- Ripple’s VP of Corporate Strategy talks about blockchain crypto payments at Consensus.
- Yoshikawa says the next 2-3 years will see a global tipping point for mass adoption.
- Her statement is supported by Ripple’s official blog post about empowering e-commerce.
Ripple is making quick strides to assimilate more esteemed users into the Ripple network. As more giant entities adopt XRP and the Ripple network, global mass adoption seems closer than ever.
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At Consensus, Emi Yoshikawa, VP of Corporate Strategy at Ripple says blockchain crypto payments will see a tipping point for mass adoption in the next 2-3 years. Suffice to say Ripple is taking over the blockchain crypto payments realm and XRP holders cannot be more delighted.
An official Ripple blog post supports Yoshikawa’s statement. In a nutshell, the post talks about how 22% of all sales are estimated to take place online. Therefore, by accepting crypto payments, merchants can attract new customers and position themselves as innovative.
In addition, both parties will save time and the retailers can save money as well. Also, switching to crypto moments further simplifies buying and selling of goods and services. Besides this, the blog goes into detail about the irreversible shift towards e-commerce sue to the global pandemic.
Pandemic Paved Way for Crypto Payment Shift
Specifically, it says the adoption of noncash retail payments in emerging markets has surged by a Compound Annual Growth Rate (CAGR) of 25% from 2018 to 2021. Currently, approximately 22% of all sales occur online, and projections by Morgan Stanley suggest that the e-commerce market’s total value could surge from $3.3 trillion to $5.4 trillion by 2026.
Developed payments infrastructures in countries like South Korea and the United States could potentially witness online sales comprising 45% and 31% of total sales respectively over the next five years.
According to the blog, it highlights a survey revealing that around 60% of crypto holders prefer using digital currencies for online purchases. Thus, making crypto liquidity management a pressing concern for e-commerce entities.
On the other end of the spectrum, enabling crypto transactions empowers sellers to cater to the unbanked and under-banked populations. In the long run, this will have consumers utilizing digital wallets for swift, secure transactions worldwide.
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