Blockchain Payments Revolutionizing the Middle East and Africa: Insights from Ripple’s Survey

January 08, 2025 03:26 PM AEDT | By Team Kalkine Media

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Highlights

Ripple’s survey shows strong blockchain adoption in the Middle East and Africa.

Digital assets and blockchain-based payments gaining priority in regional markets.

The UAE is emerging as a global crypto hub with stablecoin innovation.

Blockchain technology is creating a significant transformation in financial systems across the Middle East and Africa (MEA), with payments and digital assets leading the way in shaping the future of finance. Ripple’s (XRP) 2024 New Value Survey highlights this growth, providing valuable insights into how businesses in these regions are increasingly relying on blockchain-powered systems.

Reece Merrick, Managing Director for Ripple in the Middle East and Africa, shared findings from the survey, which was conducted with nearly 2,000 leaders from major global financial institutions and enterprises. Of these respondents, over 200 hailed from key regions such as the United Arab Emirates (UAE), Saudi Arabia, and Turkey. The results strongly indicate that blockchain technology is becoming a cornerstone for transforming financial processes.

One of the most important revelations from the survey is the role blockchain-based currencies will play in payment systems. A notable 52% of participants mentioned enabling customers to make payments using blockchain-based currencies as a significant application for blockchain. Moreover, 47% pointed to the importance of accepting payments in the form of these digital currencies. Another significant finding was that 42% of the respondents highlighted buying, selling, and trading other types of digital assets—like tokenized securities and real-world assets—while 38% identified the importance of cross-border payments using blockchain currencies.

The implications for financial institutions in the MEA region are profound. Ripple’s (XRP) research aligns with the growing trend of using digital assets to streamline payments and enhance transaction efficiency. Companies across the region are increasingly interested in exploring asset tokenization, further supporting financial innovation. This trend indicates that blockchain and cryptocurrencies will play a pivotal role in economic growth, especially with the UAE’s leadership in establishing progressive regulations, blockchain advancements, and stablecoin development. The country has become a key player, fostering an environment conducive to the expansion of digital assets and cross-border payments.

As a result of these shifts, Ripple (XRP) believes blockchain technology will be seamlessly integrated into the banking systems of several MEA nations by 2025, particularly in Saudi Arabia, Bahrain, Qatar, and Morocco. The rapid adoption of blockchain-based solutions will reshape the way businesses and financial institutions conduct transactions, fueling economic innovation and making payments quicker, cheaper, and more secure.

As blockchain adoption continues to soar in the Middle East and Africa, companies like Ripple (XRP) are at the forefront of this transformative shift, positioning themselves as critical players in the region’s financial revolution.

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