Ripple’s managing director for development in the Middle East and Africa regions, Rhys Merrick, has compared the current stage of crypto payments development to the birth of e-commerce. In his view, the digital-asset industry faces the same barriers to adoption as online retailers did in the early 2000s, when online purchases accounted for just 0.2% of the retail market and users feared entering bank details online.

Merrick emphasized that the situation was saved by secure payment gateways and smartphones, which made transactions instant and convenient. Today, one in every five dollars of the world’s retail economy is spent online, illustrating how quickly consumer behavior changes with the advent of reliable infrastructure.

Merrick predicts a similar transformation for cryptopayments. He considers the emergence of scalable first-level blockchain and stablecoins to be the main catalysts. Thanks to the attachment to fiat, stablecoins avoid volatility and provide transfer speeds exceeding bank standards, making them an ideal tool for businesses and individuals. The trend toward convergence between crypto and traditional finance is already gaining momentum: in May, Mastercard received a BitLicense license in New York City, paving the way for transactions with digital assets and stablecoins.