Ripple and the U.S. Faster Payments Council (FPC) conducted a survey of 300 payment leaders in 45 countries around the world, in various industries such as fintech, banking and retail, on July 29.
According to the report, blockchain has the potential to save financial institutions around $10 billion in cross-border payment costs by 2030.
Driven by a compound annual growth rate (CAGR) of 5%, global cross-border payment flows are expected to reach $156 trillion.
Additionally, while 50% of respondents believe most merchants will adopt crypto payments within the next three years, confidence levels vary as to whether they will enable crypto payments within the next year.
Leaders in the Middle East and Africa showed the highest confidence, with 27% believing that most merchants will accept cryptocurrencies as payment within the next year.
Leaders in the Asia-Pacific region, meanwhile, are the least confident, with just 13 percent confident in the same timeframe.
However, 17 percent of the 300 leaders surveyed globally said they believed such adoption could happen within the next year.