Payment options have become one of the biggest deal-breakers for customers shopping online and in shops, with limited options often driving them away. Research from payment network, Mercuryo, has found 68 per cent of all businesses agree that there is a need for greater innovation in payments, with 75 per cent of large businesses and 43 per cent of SMEs demanding for cryptocurrency as a payment option.
This sentiment was echoed by customers too, as Mercuryo’s research also found 58 per cent of shoppers also wanted cryptocurrency to be a valid form of payment. As a third (34 per cent) of UK finance businesses now make payments via the blockchain, it should not come as a surprise that calls for crypto payment acceptance are rising.
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 per cent stated innovation, confidentiality and security were both reported by 23 per cent of businesses and faster transactions were the key benefit for 22 per cent of respondents.
With ever-increasing interest from customers, it’s no surprise that 55 per cent of businesses now view cryptocurrency as the future of payments, with 57 per cent of all businesses claiming they believe accepting cryptocurrency payments will give them a competitive edge. In fact, findings show that a further fifth (20 per cent) of all businesses are considering the adoption of crypto payments within the next three years.