New research shows that cryptocurrencies appear to be far from ready for B2B trading due to factors such as lack of convenience.
According to a joint survey of payment-related startups Invoiced and PaymentsNEXT, 59% of B2B respondents are not ready to accept cryptocurrency as a payment method.
A poll published on Thursday showed that only 2% of respondents have accepted cryptocurrency payments, while 39% indicated an intention to accept cryptocurrency in the future. The study, conducted in August 2021, is based on responses from 269 financial experts to an online survey.
According to the survey results, it is clear that B2B companies prefer to pay by check to other payment methods such as debit cards, with 77% of the respondents stating that they accept checks as a method of payment. Virtual cards and payments in cryptocurrency are at the bottom of the popularity list, only 14% and 4% of respondents respectively accept them as payment.
According to the report, one of the biggest obstacles to using crypto payments by B2B companies is the perceived lack of convenience, with 30% of respondents citing convenience as an important decision factor when considering this payment option. Twenty-six percent of those surveyed also indicated that they need cryptocurrency payments to “add value to their business.” Other reasons include problems with transaction fees, consumer demand and obvious innovation.
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Although it seems that most B2B companies are not yet ready for cryptocurrencies, these companies are reported to meet high demand for virtual cards and cross-border payments, with 64% and 62% of respondents exploring or using these sites. , respectively.
As previously reported, payments in cryptocurrencies such as bitcoin (BTC) are among the largest issues regarding use cases, with 60% of US cryptocurrency owners indicating interest in using cryptocurrency as a payment method. Some large crypto companies such as Ripple are focused on offering cross-border payment solutions such as RippleNet’s On-Demand Liquidity, which uses XRP cryptocurrency.