Ripple survey shows blockchain payments increasing in the MENA region

Ripple's (CRYPTO:BTC) latest survey, conducted for its 2024 New Value report, highlights a significant rise in blockchain payment adoption across the Middle East and Africa (MEA).

Reece Merrick, Ripple's Managing Director for the region, discussed the findings, noting that nearly 2,000 leaders from financial institutions and enterprises participated, including more than 200 from the UAE, Saudi Arabia, and Turkey.

According to Merrick, the most common application of blockchain technology in the MEA region is enabling payments using blockchain-based currencies, with 52% of respondents pointing to this as a priority.

Another 47% focused on accepting payments in blockchain-based currencies, while 42% emphasised the buying, selling, and trading of digital assets like tokenised securities or real-world assets.

Cross-border payments were also a major concern, with 38% of respondents indicating that making international payments in blockchain-based currencies is a key focus.

This shift toward blockchain in payments reflects the region's efforts to enhance the efficiency of global transactions.

Merrick highlighted the UAE as a key player in this transformation, citing the country’s progressive regulations, blockchain developments, and stablecoin growth as essential for creating an efficient payment system.

The introduction of dirham-backed stablecoins and supportive legal frameworks has streamlined cross-border payments, positioning the UAE as a global hub for digital assets.

Looking ahead, Merrick forecasts that by 2025, blockchain will be deeply integrated into the banking systems of several MENA countries, including Saudi Arabia, Bahrain, Qatar, and Morocco, further transforming finance in the region.

At the time of reporting, the XRP (XRP) price was $2.32.