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Blockchain’s Impact on Business Payments
Payment leaders are actively investigating blockchain’s potential for business-to-business (B2B) payments, with a Ripple survey revealing promising applications. The survey, conducted in partnership with the US Faster Payments Council, gathered insights from over 100 key figures in the payments industry, including founders, CEOs, and technical leaders.
B2B Payments and Cryptocurrency
More than 40% of those experimenting with crypto domestically are considering B2B applications, while 37% of those already using crypto payment products have a B2B use in mind. This indicates a strong interest in utilizing cryptocurrency for B2B transactions, which are financial transactions conducted in exchange for goods or services between two separate companies.
Preference for P2P Payments
Peer-to-peer (P2P) payments rank as the second most popular use case among individuals testing or using cryptocurrency, accounting for 20% of preferences. However, companies experimenting with or implementing blockchain technology demonstrate broader adoption preferences, with both P2P and account-to-account (A2A) payments sharing equal popularity with B2B use cases.
Crypto’s Potential to Reshape B2B Models
Payment leaders view crypto as a catalyst for improved efficiency in B2B payments, exceeding the speed of traditional banking systems. Integrating crypto presents possibilities for reshaping B2B models and generating new revenue streams, underscoring the growing interest in adopting crypto solutions within the B2B landscape.
Global Commerce and Cross-Border Payments
Leaders also see potential in using cryptocurrencies for cross-border payments, as it can improve efficiency, cut costs, and make it easier to access compared to traditional methods. Despite this, consumer-to-business (C2B) payments are the least prioritized use case among those currently using or experimenting with blockchain, albeit with some interest among those considering future applications.
Barriers and Concerns
Despite the enthusiasm for blockchain and crypto, the survey uncovered concerns, such as a lack of regulatory clarity, price volatility, and slow industry adoption as barriers to using crypto for payments. These factors pose risks that need to be addressed for wider adoption and integration of blockchain and cryptocurrency in the payments landscape.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
