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B2B firms want cross-border payments but skeptical of crypto: Survey

A new survey from the World Economic Forum has revealed that a significant number of businesses are still hesitant about embracing cryptocurrencies. This is despite strong demand for cross-border payments by B2B firms.

The “blockchain b2b payments” is a survey that was conducted by B2B firms in order to find out what their opinion on the use of blockchain technology in cross-border payments. The results were not positive, with most respondents saying they are skeptical about the use of crypto.

According to a recent poll, cryptocurrency seems to be far from ready for business-to-business (B2B) transactions. This is owing to issues such as lack of convenience.

According to a poll conducted by payment companies Invoiced and PaymentsNEXT, 59 percent of B2B respondents are opposed to embracing cryptocurrencies as a payment method.

The study, which was released on Thursday, revealed that just 2% of respondents had used cryptocurrencies to make payments thus far, with 39% indicating some degree of desire to accept cryptocurrency in the future. The research is based on answers from 269 financial professionals who completed an online poll in August 2021.

Source: Billed

According to the results of the poll, B2B enterprises seem to favor check payments over alternative payment methods such as debit cards, with 77 percent of respondents reporting that checks are accepted as a form of payment. Virtual cards and cryptocurrency payments remain at the bottom of the popularity rankings, with just 14% and 4% of respondents accepting them as payment thus far.

1636712016_391_B2B-firms-want-cross-border-payments-but-skeptical-of-crypto-SurveySource: Billed

According to the survey, one of the main hurdles for B2B enterprises to use crypto payments is a perceived lack of convenience, with 30% of respondents citing convenience as a significant decision factor when choosing this payment method. In addition, 26% of respondents said they require bitcoin payments for their firm to “appreciate in value.” Other factors were transaction costs, client demand, and the ability to demonstrate innovation.

Payments using the Lightning Network will be enabled by Bitcoin Suisse.

While the majority of B2B organizations are not yet ready to accept crypto payments, there is a high desire for virtual cards and cross-border payments, with 64 percent and 62 percent of respondents, respectively, researching or adopting these areas.

Payments in cryptocurrencies like Bitcoin (BTC) are one of the most popular use cases, with 60% of cryptocurrency owners in the United States expressing interest in utilizing crypto as a payment mechanism. RippleNet’s On-Demand Liquidity, which employs the XRP cryptocurrency, is one of the primary crypto firms focusing on delivering cross-border payment solutions.

The “2d payment gateway for bitcoin” is a survey that has been conducted by the World Economic Forum. The results of the survey show that B2B firms are interested in cross-border payments but skeptical of crypto.

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