A new survey shows that due to lack of convenience and other factors, cryptocurrencies seem to be far from ready for business-to-business (B2B) commerce.
According to a joint survey by payment-related startups Invoiced and PaymentsNEXT, 59% of B2B respondents are not open to the idea of accepting cryptocurrency as a means of payment.
release On Thursday, the survey found that, so far, only 2% of respondents have adopted encrypted payments, and 39% of them indicated that they have any intention of accepting cryptocurrencies in the future. The research is based on online survey responses from 269 financial professionals since August 2021.
According to the survey results, compared with other payment methods such as debit cards, B2B companies obviously prefer to pay by cheque, and 77% of respondents said that they accept cheque as a payment method. Virtual cards and cryptocurrency payments are far ahead of the popular list. So far, only 14% and 4% of respondents accept them as payment methods, respectively.
According to the report, the so-called lack of convenience is one of the biggest obstacles for B2B companies to adopt encrypted payments, as 30% of respondents said that convenience is a key determinant when considering this payment method. 26% of respondents also stated that they need cryptocurrency payments to “add value to the business”. Other reasons include issues related to transaction costs, customer needs, and display innovation.
Although most B2B companies are obviously not ready to adopt encrypted payments, it is reported that these companies are facing a huge demand for virtual cards and cross-border payments, with 64% and 62% of respondents respectively exploring or adopting these areas .
As mentioned earlier, payment in cryptocurrencies such as Bitcoin (Bitcoin) Constitutes one of its biggest use case requirements, of which 60% of U.S. cryptocurrency owners express interest Use cryptocurrency as a payment method. Some major cryptocurrency companies such as Ripple focus on Provide cross-border payment solutions For example, RippleNet’s On-Demand Liquidity, which uses Ripple Cryptocurrency.