Cryptocurrencies appear to be far from ready for business-to-business (B2B) commerce so far 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 not open to the idea of accepting cryptocurrency as a means of payment.
Released on Thursday, the survey found that only 2% of respondents adopted crypto payments so far, while 39% of those indicated any level of intention to accept cryptocurrency in the future. The study is based on online survey responses from 269 finance professionals from August 2021.
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While the majority of B2B firms are apparently not yet ready to adopt crypto payments, such companies reportedly face a significant demand for virtual card and cross-border payments, with 64% and 62% of respondents exploring or adopting these areas, respectively.
As previously reported, payments in cryptocurrencies like Bitcoin (BTC) make up one of its biggest use case demands, with 60% of crypto owners in the United States indicating interest in using crypto as a payment method. Some major crypto companies like Ripple are focused on providing cross-border payment solutions such as RippleNet’s On-Demand Liquidity, which uses the XRP cryptocurrency.
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