- According to the data of the analysis service Cryptwerk, the number of merchants who accept XRP has increased by more than 46% in the last 7 months.
- The majority of merchants, 22%, are located in the USA, followed by the UK and India.
In the long run, the adaptation is crucial for the success of a cryptocurrency. So far not even Bitcoin has managed to enter the mainstream, even though acceptance points worldwide are growing daily. According to new data, XRP has found many new merchants who have integrated the digital asset as a possible payment method.
XRP acceptance increases by 46 % worldwide
The number of merchants who accept XRP as a means of payment has grown strongly in 2020. According to the latest data from Cryptwerk, the number of merchants has risen from 457 to 670 since the end of 2019 to date, an increase of more than 46%.
Cryptwerk further states that a large proportion of the dealers, 22 %, are from the United States of America. Next in line are Great Britain with 10% and India 5%, with the remainder spread over various countries worldwide. The largest service provider so far this year who has integrated XRP as a means of payment is the US-based company BitPay.
Most merchants come from the Internet services category (27%), followed by online shops (26%) and payment service providers such as BitPay (18%). The “tourism” sector has risen sharply, as Ripple has found many points of acceptance worldwide through partners such as MoneyGram or Siam Commercial Bank, from whose cooperation tourists can benefit locally.
According to a ranking specially designed by Cryptwerk, XRP showed the strongest increase in acceptance points since December until today, but XRP is still only on place 6 of the most popular cryptocurrencies among merchants. The competition is not sleeping either and has shown a strong increase in adoption. The number of merchants accepting BTC has increased from 2,731 to 3,272 since the beginning of the year.
Ethereum has also grown, with the number of dealers accepting BTCs increasing from 1,397 to 1,722 since the beginning of the year to date. LTC has grown from 1,066 to 1,353, BCH from 975 to 1,331 and Dash from 619 to 760. The above cryptocurrencies are more common, but overall show lower growth than XRP.
Ripple pushes adaptation further forward worldwide
Ripple recently joined the Open Payment Coalition to further simplify payment worldwide. The Blockchain consortium will introduce PayID, an open source new payment standard that will increase interoperability between payment networks. It will replace complex account numbers with short, easy-to-remember numbers and greatly simplify the sending and management of payments.
The development of the XUMM banking app, which uses XRP as a bridge currency, is intended to replace online banking in the long term, true to the motto “Be your own Bank”. XUMM will offer the same functions as traditional online banking, while being cheaper and easier to use. Furthermore, intermediaries, who would otherwise have been involved in the cross-border processing of payments, can be completely eliminated. Yesterday Wietse Wind announced a massive update for the app.
Last updated on July 17, 2020