Future-proofing Payments: A third of UK Finance Businesses are now Making Crypto Payments, as Demand for Payment Innovation Soars
- Payments , Cryptocurrencies , Infrastructure
- 15.12.2021 03:15 pm
- New research from Mercuryo has shown 34% of UK finance businesses are now using cryptocurrency to facilitate payments
- Three in five businesses report increased demand from customers to accept cryptocurrency as a form of payment
- 55% of all businesses believe cryptocurrency is the future of payments
- Innovation, confidentiality and security are seen as the key benefits to crypto payments
- A third (34%) of UK finance businesses now make payments via the blockchain, according to new research by global payment network Mercuryo.
A huge 68% of all businesses agree that there is a need for greater innovation in payments and that is echoed by their customers as three in five (58%) businesses report increased demand from customers and partners for cryptocurrency as a payment option-with this rising to 75% among large businesses and 43% among SMEs.
This demand is reflected in the recent news that Visa is launching its own crypto consulting service to help clients navigate the world of cryptocurrencies. With fintechs clambering to harness crypto technology, key market players such as Revolut are already looking at building their own crypto exchange to broaden their offering, signifying a potential new era for the mass adoption of digital currencies within the financial services landscape.
‘SMEs are a driving force for the UK economy, but if they fail to innovate, they are in danger of being left behind.” comments Mercuryo Co-Founder and CBDO Petr Kozyokov. ‘We’re seeing increased levels of demand from customers, looking for providers who can offer them both fiat and crypto services. In just a short few years, I predict crypto and fiat payments will reach an equilibrium, with consumers able to easily pay via whichever payment type they choose’.
When asked about the advantages of using cryptocurrency compared to traditional B2B payment methods, 24% stated innovation, confidentiality and security were both reported by 23% of businesses and faster transactions were the key benefit for 22% of respondents.
With ever-increasing interest from customers, it’s no surprise that 55% of businesses now view cryptocurrency as the future of payments, with 57% of all businesses claiming they believe accepting cryptocurrency payments will give them a competitive edge. In fact, findings show that a further fifth (20%) of all businesses are considering adoption of crypto payments within the next three years.