Digital payments, 20% of large companies will use cryptocurrencies fully in 2024

Digital payments, 20% of large companies will use cryptocurrencies fully in 2024

Coins based on the blockchain will also be employed as a collateral or form of investment, according to Gartner. The trend is supported by the expected entry of digital currencies from China and the EU
20 Dec 2021
Patrizia Licata
Journalist

20% of the world’s large businesses will use cryptocurrencies for payments, as collateral or a form of savings, according to Gartner. The CEOs and boards of directors themselves are asking CFOs to study the new scenario, and CFOs must prepare to test use cases and weigh potential risks of digital currencies such as Bitcoin, the use of which in corporate transactions and in the global economy. genre is bound to grow.
“The mainstream acceptance of cryptocurrencies on traditional payment platforms and the rise of central bank (CBD) digital coins will lead many large companies to incorporate digital currencies into their applications,” says Gartner. “Digital currencies will be used primarily for payment, for accumulating value and for the ability to leverage high-yield investments in decentralized finance (DeFi) applications.”
Both the European Union and China are moving towards the creation of an “institutional” virtual currency, with China ahead of all times.

CFOs see more regulatory certainty

Gartner says he has seen increased interest from CFOs in blockchain applications such as digital currencies since the beginning of the year (think of the Twitter case). Even if the volatility of bitcoin & co. remains a source of concern, the financial departments of companies expect more certainty from the regulations and more stability from the entry of central bank virtual currencies. This leads them to accelerate the experimentation of cases of use of digital currencies in their companies.
Obviously, each use case involves technological, regulatory, legal and strategic evaluations. But the conditions are favorable to the adoption of cryptocurrencies also due to the availability of off-the-shelf solutions and the presence of service providers in the sector, notes Gartner.
“Among the primary use cases that we have identified for companies is the need to develop a customized application stack for the blockchain”, highlight the experts. “Many large banks, payment platforms, institutional custodians of digital assets and wallet providers have already done the bulk of the work in this area and this should make it easier for large enterprises to deploy their digital currency applications.”

The Fortune 500 gears up for a digital currency-only scenario

Another element that will lead companies towards coins such as bitcoin in the next 12-24 months is the ability to stem the growth of inflation. This is combined with regulatory clarity, improved energy efficiency and adoption by employees, consumers and suppliers.
The advantages that have always been recognized, such as the reduction of costs, the increased speed of transaction processing, the possibility of reaching new customers all over the world, the enabling of continuous accounting and auditing, and the creation of a more transparent environment, remain. error-proof and fraud-proof.
“We expect 2022 to be the year in which CFOs will deepen their knowledge of digital assets and currencies and other blockchain applications,” concludes Gartner. “We are starting to see some of the Fortune 500 companies evaluating application scenarios and studying their response if a country or supplier exclusively adopts a digital currency.”