44% of the Surveyed Businesses are Using Crypto For B2B Payments: GoodFirms Research
Ethereum and Bitcoin Stand as the Top-most Cryptocurrencies for B2B Payments.
Washington, June 06, 2024 (GLOBE NEWSWIRE) — GoodFirms, a universally renowned B2B ratings and reviews platform, released its recent survey research report-“Cryptocurrency Adoption in B2B Payments,” aims to understand the current scale of cryptocurrency adoption by businesses for payments. The survey puts forth the advantages, challenges, and other factors driving the adoption of cryptocurrency in B2B payments.
According to GoodFirms survey 44% of the respondents said that they are using cryptocurrency as a mode of transaction, whereas 56% of businesses have not yet considered cryptocurrency for their payments with an indication of the reasons such as risks, lack of knowledge, and lack of infrastructure.
Further, a survey by GoodFirms explores that businesses are adopting cryptocurrency for major transactions like cross-border payments, vendor payments, contractor payouts, employee payouts and domestic payments in various forms that is most suitable for their business use cases. It includes bitcoin, ethereum, ripple litecoin, tether, binance coin, solana, dogecoin.
Deriving the reasons to switch to crypto payments, these are the responses that GoodFirms survey could gather from the surveyees;acceptance of cryptocurrency (82.2%), fluctuating currency conversion rates (51.8%), more transaction fees (47,3%), curiosity to progress toward new methods (43.1%), involvement of intermediaries (41.4%), lack of transparency (36.5%), accessibility limitations (31.8%), security issues (25.8%) and slow transaction speeds (21.9%).
Simplified cross-border transactions, speedy transactions, enhanced security, access to newer markets, future-proofing business, improved transparency, and adopting automation are the benefits of adopting cryptocurrency for B2B transactions.
Regarding the challenges with cryptocurrency transactions for B2B payments, GoodFirms was able to find that the uncertainties with regulations, limited acceptance, volatile prices, cyber threat, lack of knowledge, and potential frauds stand as a barrier.
“Cryptocurrencies are revolutionizing B2B payments with continual advanced trends and technologies including decentralized finances, emergence of stablecoins, growth of NFTs, rising importance of sustainability and many benefits they offer,” concludes GoodFirms survey.
Key Findings:
- Around 64.9% of businesses use cryptocurrencies for vendor payments.
- The most commonly used cryptocurrencies for B2B payments are Ethereum and Bitcoin.
- 82.2% of the businesses switched to cryptocurrency B2B payments due to increased acceptance of cryptocurrency globally.
- About 75.3% of the surveyees said that they find cryptocurrency transactions for B2B payments beneficial as they are speedy.
- Uncertainty with the regulation of cryptocurrencies is the major challenge faced by 79.2% of the survey respondents.
- The future of cryptocurrency in b2b payments will show a rise in decentralized finance(DeFi), according to 68.9% of the respondents.
About Research:
GoodFirms Survey- “Cryptocurrency Adoption in B2B Payments” where it queried nearly 530 businesses to discover have they adopted cryptocurrency as a mode of B2B transactions.
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About GoodFirms:
GoodFirms is a Washington, D.C.-based B2B review and rating platform that delivers rich, original, and in-depth coverage of IT products and services to B2B service users. Both service seekers and service providers benefit from the reviews, ratings, and research insights delivered by GoodFirms.
CONTACT: Sophia Jayden ([email protected])
