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Payment executives look at B2B payments with Blockchain technology.

This cutting-edge technology offers a number of benefits, such as speed, transparency and security of transactions, which can significantly improve business-to-business payment processes.

Date: 2024-02-21 Author: Marek Stiller
Payment executives look at B2B payments with Blockchain technology.

Leaders in the payments industry consider business-to-business (B2B) payments to be the most promising blockchain payment method, a Ripple study released Tuesday showed. More than 40% of those experimenting with cryptocurrencies in the country are considering business-to-business applications, according to the survey, conducted in partnership with the American Faster Payments Council.

In addition, 37% of those already using cryptocurrency payment products anticipate using it between businesses. Payments between friends(P2P) is the second most common use among those testing or using cryptocurrency, accounting for 20% of preferences.

Companies that are working on or implementing blockchain technology outside of cryptocurrencies are more likely to adapt this method. P2P and account-to-account(A2A) payments are as popular among these organizations as business-to-business payments.

More than a hundred key people in the payments industry, including founders, CEOs and technical leaders, took part in the Ripple survey. The respondents come from North America, South America, Asia, Europe and Africa, and represent various industries such as retail, banking and fintech.

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Business-to-business (B2B) payments are financial transactions in which two separate companies exchange goods or services. As the Ripple study shows, payments leaders see cryptocurrencies as a means to make business-to-business payments faster than traditional banking systems.

In addition, the integration of cryptocurrencies offers an opportunity to change relationships between companies and create new revenue streams in addition to sheer speed. This growing market underscores the increasing interest in adopting crypto solutions in the B2B model.

Additionally, the survey found that leaders are interested in cross-country payments. Compared to traditional cross-border payment methods, cryptocurrencies can increase efficiency, lower costs and ease access.

Among respondents who are actively involved in cryptocurrencies, business-to-business payments emerged as the most common payment method. Business-to-business payments typically account for more than a third of total usage.

Despite the expressed enthusiasm for blockchain and cryptocurrencies, the survey also revealed concerns.

When asked about the main obstacles to using cryptocurrencies for payments, 64% of participants cited a lack of regulatory clarity. This was followed by price fluctuations and lack of acceptance in the industry, with 57% and 48% of respondents, respectively, stating that these elements cause concern.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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