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B2B firms are still skeptical of crypto to use them for cross-border payments

Only 2% of B2B firms have adopted crypto repayments so far, whilst 59% indicated no intention of accepting it, one survey says.

Cryptocurrencies show up to be a long way from geared up for business-to-business (B2B) commerce due to factors like lack of convenience, a new survey suggests.

According to a joint survey by payment-related startups Invoiced and PaymentsNEXT, 59% of B2B respondents are now not open to the notion of accepting cryptocurrency as a skill of payment.

Released on Thursday, the survey discovered that only 2% of respondents have adopted crypto payments, while 39% indicated an intention to accept cryptocurrency in the future.

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According to the survey’s findings, B2B corporations apparently decide upon test payments to different fee methods like debit cards, with 77% of respondents indicating they receive checks as a potential payment. Virtual playing cards and cryptocurrency payments are way down the popularity list, with only 14% and 4% of respondents accepting them as payment, respectively.

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According to the report, an alleged lack of convenience is one of the largest impediments to the adoption of crypto repayments by way of B2B firms, as 30% of respondents indicated that comfort is a key decision factor when thinking about this payment option. Twenty-six percent of respondents additionally indicated that they want cryptocurrency payments to “appreciate in price for the business.” Other reasons covered troubles associated with transaction fees, client demand and demonstrable innovation.

While the majority of B2B firms are interestingly no longer yet ready to adopt crypto payments, such businesses reportedly face a big demand for virtual card and cross-border payments, with 64% and 62% of respondents exploring or adopting these areas, respectively.

As earlier reported, repayments in cryptocurrencies like Bitcoin (BTC) make up one of its largest use case demands, with 60% of crypto proprietors in the United States indicating interest in the usage of crypto as a fee method. Some most important crypto companies, like Ripple, are centered on offering cross-border price solutions, such as RippleNet’s On-Demand Liquidity, which makes use of the XRP cryptocurrency.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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