Cryptocurrencies are not yet ready for business-to-business (B2B) trading due to factors such as a lack of convenience, according to a new survey.
According to a joint survey by the payment-related startups Invoiced and PaymentsNEXT, 59% of B2B respondents are not open to the idea of accepting cryptocurrencies as a means of payment.
exit On Thursday, the poll found that so far only 2% of respondents accept crypto payments, while 39% of them state any intention of accepting crypto. The study was based on online survey responses from 269 financial experts as of August 2021.
According to the results of the survey, B2B companies prefer paying by check to other payment methods such as debit cards. 77% of the respondents said they accept checks as a method of payment. Virtual cards and crypto payments are steadily declining in popularity, with only 14% and 4% of those surveyed accepting them as a means of payment so far.
According to the report, the alleged lack of convenience is one of the biggest obstacles B2B companies face in adopting crypto payments, as 30% of respondents said convenience is the main deciding factor when choosing this payment option. 26% of respondents also stated that they have to pay in crypto to “appreciate the company’s value”. Other reasons include issues related to transaction fees, customer demand, and demonstration of innovation.
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While the majority of B2B companies don’t seem ready to adopt crypto payments just yet, it is reported that these companies are facing significant demand for virtual cards and cross-border payments. 64% and 62% of the respondents, respectively, examine or apply these to areas.
As previously reported, payments in cryptocurrencies like Bitcoin (BTC) are among the largest uses, with 60% of crypto owners in the US expressing an interest in using cryptocurrencies as a means of payment. Some big crypto companies like Ripple are focused on delivering cross-border payment solutions like RippleNet On-Demand Liquidity using the XRP cryptocurrency.