B2B wants cross-border payments but doesn't believe in cryptocurrencies

According to a joint survey of startups linked to Invoices and Payments NEXT payments, 59% of B2B respondents are not open to the idea of accepting cryptocurrency as a means of payment. Published Thursday, the survey found that only 2% of respondents have 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 of 269 finance professionals from August 2021. According to the survey results, B2B companies apparently prefer check payments to other payment methods such as debit cards, with 77% of respondents indicating that they accept checks as a means of payment. Virtual cards and cryptocurrency payments are at the bottom of the popularity list, with only 14% and 4% of respondents accepting them as payment so far, respectively.

Most B2B companies are therefore not, at least apparently, ready to adopt crypto payments yet. Such companies face significant demand for virtual and cross-border card payments, with 64% and 62% of respondents exploring or adopting these areas, respectively. As previously reported, cryptocurrency payments such as bitcoin constitute one of its biggest use case requests, with 60% of cryptocurrency owners in the United States indicating interest in using crypto as a payment method. Some major crypto companies like Ripple focus on providing cross-border payment solutions like RippleNet's on-demand liquidity, which uses XRP cryptocurrency.