New research shows that cryptocurrencies are still far from ready for B2B trading due to factors such as lack of comfort.
According to a joint survey of Invoiced Payments Startups and PaymentsNEXT, 59% of B2B respondents are not willing to accept cryptocurrency as a form of payment.
A poll published Thursday showed that only 2% of respondents have adopted cryptocurrency so far, while 39% of them indicated some level of intent to accept cryptocurrency in the future. The study is based on online surveys of 269 financial experts in August 2021.
According to the survey, B2B companies clearly prefer checks over other payment methods such as debit cards, with 77% of respondents indicating that they accept checks as a method of payment. Virtual cards and cryptocurrency payments are far below the list of popularity: 14% and 4% of respondents, respectively, accept them as a means of payment.
According to the report, one of the biggest hurdles B2B companies face in crypto adoption is the perceived lack of convenience, with 30% of respondents citing convenience as an important decision factor when considering this payment option. 26% of respondents also indicated that they need cryptocurrency payments to “create business value.” Other reasons include concerns about transaction fees, consumer demand, and innovation offering.
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While most B2B companies do not appear to be ready to use cryptocurrency yet, these companies are reported to be facing a huge demand for virtual cards and international payments, with 64% and 62% of respondents exploring or using these areas, respectively.
As mentioned earlier, payments in cryptocurrencies such as Bitcoin (BTC) are one of the biggest usage requirements, with 60% of cryptocurrencies in the US indicating interest in using cryptocurrency as a payment method. Some big crypto companies like Ripple focus on providing cross-border payment solutions like RippleNet’s On-Demand Liquidity, which uses the XRP cryptocurrency.