Payment Executives Are Eyeing Blockchain B2B Payments: Ripple Survey
According to a survey conducted by Ripple in partnership with the US Faster Payments Council, payment leaders actively exploring blockchain’s potential see business-to-business (B2B) payments as the most promising application. Here are the key findings:
- Over 40% of those experimenting with crypto domestically are considering B2B applications.
- 37% of those already using crypto payment products have a B2B use in mind.
- Peer-to-peer (P2P) payments rank as the second most popular use case among individuals testing or using cryptocurrency, accounting for 20% of preferences.
For companies experimenting with or implementing blockchain technology, both P2P and account-to-account (A2A) payments share equal popularity with B2B use cases. Now let’s explore why B2B payments are seen as having significant potential in the crypto space.
Crypto’s Potential to Reshape B2B Models
The Ripple survey gathered insights from over 100 key figures in the payments industry, revealing that payment leaders view crypto as a catalyst for improved efficiency in B2B payments. Here’s what they found:
- B2B payments involve financial transactions between two separate companies in exchange for goods or services.
- Crypto has the potential to exceed the speed of traditional banking systems and reshape B2B models.
- Integrating crypto presents possibilities for generating new revenue streams within the B2B landscape.
Leaders See Potential in Crypto for Global Commerce
The survey also highlighted leaders’ interest in using cryptocurrencies for cross-border payments. Here’s what you need to know:
- Using crypto for cross-border payments can improve efficiency, cut costs, and make accessing funds easier.
- Consumer-to-business (C2B) payments are the least prioritized use case among those currently using or experimenting with blockchain.
- B2B payments are the leading use case among respondents actively engaged with crypto, constituting over one-third of total usage in most instances.
Regulatory Ambiguity, Volatile Prices, Slow Adoption Pose Risks
While there is enthusiasm for blockchain and crypto, the survey also revealed some concerns among payment executives:
- 64% of participants named a lack of regulatory clarity as the primary barrier to using crypto for payments.
- 57% identified price volatility as a concern.
- 48% expressed concerns about the slow adoption of crypto in the industry.
Hot Take: The Future of B2B Payments in Crypto
The Ripple survey confirms that payment executives recognize the potential of blockchain-based B2B payments. With its ability to improve efficiency and reshape traditional models, crypto has the opportunity to revolutionize global commerce. However, regulatory clarity, price volatility, and slow adoption remain challenges that need to be addressed. As more companies explore and implement blockchain technology, it’s clear that B2B payments will continue to play a significant role in shaping the future of cryptocurrencies.
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