Payment Executives Are Eyeing Blockchain B2B Payments: Ripple Survey
Payment leaders actively investigating blockchain’s potential find business-to-business (B2B) payments to be the most promising application, a Ripple survey published Tuesday showed.
The survey, conducted in partnership with the US Faster Payments Council, found that more than 40% of those experimenting with crypto domestically are considering B2B applications.
Additionally, 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.
Companies experimenting with or implementing blockchain technology, beyond just crypto, demonstrate broader adoption preferences. Among these organizations, both P2P and account-to-account (A2A) payments share equal popularity with B2B use cases.
The Ripple survey gathered insights from over 100 key figures in the payments industry, including founders, CEOs, and technical leaders. The respondents represent a range of sectors including retail, banking, fintech, and hail from regions across North America, South America, Asia, Europe, Africa.
B2B payments are financial transactions conducted in exchange of goods or services between two separate companies. Ripple’s survey indicates that payment leaders view crypto acting as a catalyst for improved efficiency in B2B payments, exceeding the speed of traditional banking systems.
Beyond mere speed, integrating crypto presents possibilities for reshaping B2B models and generating new revenue streams. This potential for market growth underscores the growing interest in adopting crypto solutions within the B2B landscape.
The survey also showed that leaders are interested in cross-border
