GoodFirms, a well-known B2B ratings and reviews platform, has released its latest research report, “Cryptocurrency Adoption in B2B Payments“.
This survey aims to understand the current level of cryptocurrency adoption by businesses for payments. The report highlights the benefits, challenges, and factors influencing the adoption of cryptocurrency in B2B transactions.
Cryptocurrency Adoption and Key Findings
According to the GoodFirms survey, 44% of the respondents are using cryptocurrency for transactions, while 56% have not yet considered it, citing reasons such as risks, lack of knowledge, and insufficient infrastructure. The survey also reveals that businesses are utilising cryptocurrency for major transactions including cross-border payments, vendor payments, contractor payouts, employee payouts, and domestic payments. The cryptocurrencies most commonly used are Bitcoin, Ethereum, Ripple, Litecoin, Tether, Binance Coin, Solana, and Dogecoin.
The survey respondents identified several reasons for switching to cryptocurrency payments: increased acceptance (82.2%), fluctuating currency conversion rates (51.8%), high transaction fees (47.3%), curiosity to explore 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%).
Businesses are finding several advantages to adopting cryptocurrency for B2B payments, including simplified cross-border transactions, faster transaction speeds, enhanced security, access to new markets, future-proofing business operations, improved transparency, and automation.
Despite the benefits, the GoodFirms survey also identified several challenges associated with cryptocurrency transactions for B2B payments. These include regulatory uncertainties, limited acceptance, volatile prices, cyber threats, lack of knowledge, and potential fraud.
Key Findings from the GoodFirms Survey
- Vendor Payments: Approximately 64.9% of businesses use cryptocurrencies for vendor payments.
- Popular Cryptocurrencies: The most commonly used cryptocurrencies for B2B payments are Ethereum and Bitcoin.
- Global Acceptance: 82.2% of businesses switched to cryptocurrency B2B payments due to the increased global acceptance of cryptocurrency.
- Transaction Speed: About 75.3% of respondents find cryptocurrency transactions for B2B payments beneficial due to their speed.
- Regulatory Uncertainty: The major challenge faced by 79.2% of survey respondents is the uncertainty surrounding cryptocurrency regulation.
- Future Trends: According to 68.9% of respondents, the future of cryptocurrency in B2B payments will see a rise in decentralised finance (DeFi).
“Cryptocurrencies are revolutionising B2B payments with advanced trends and technologies, including decentralised finance (DeFi), the emergence of stablecoins, the growth of NFTs, and the rising importance of sustainability,” concludes the GoodFirms survey.
The B2B Marketer, the online destination for B2B marketing professionals seeking valuable insights, trends, and resources to drive their marketing strategies and achieve business success.
