The study found that accepting cryptocurrency payments gives businesses a clear competitive advantage.

Crypto payments will provide a distinct competitive advantage for many businesses.

Payment options have become very important for customers who shop online or in physical stores. If they are limited, customers tend to look elsewhere. Research conducted by the Mercuryo network shows that 68% of companies surveyed recognize the need for innovation in the payments industry. 75% of large companies and 43% of small and medium enterprises that ask for cryptocurrencies to be available as a payment option.

Crypto payments will give a clear competitive advantage

And this feeling is shared by buyers. Mercuryo’s research found that 58% of customers also wanted to use cryptocurrency as a valid payment method. A third (34%) of financial companies in the UK are now making payments via the blockchain, so it is not surprising that the demand for cryptocurrency as a payment method is skyrocketing.

This requirement directly echoes Visa’s recent announcement to launch its own cryptocurrency advisory service to help clients navigate this new world of crypto. Many strong market players such as Revolut are currently looking to create their own cryptocurrency exchange to expand their offering, which should greatly help in the adoption of digital currencies in the financial services industry.

for many companies

“SMEs are the driving force behind the UK economy, but if they cannot innovate, they risk being forgotten,” says Mercuryo co-founder and chief development officer Piotr Koziokov. “We are seeing more and more requirements from customers who are looking for providers that can offer fiat and crypto services. I predict that in just a few years, crypto and fiat payments will break even and customers will be able to easily pay using any method of their choice.”

When asked what the benefits of using cryptocurrencies are compared to the traditional B2B payment method, 24% answered that innovation, privacy and security have been promoted for 23% of companies and fast transactions for 22% of respondents.

Given the ever-increasing interest from customers, it’s no surprise that 55% of businesses now view cryptocurrencies as the payment future, with 57% of all businesses surveyed claiming to accept crypto payments. This will give them a real advantage over their competitors. 20% of companies are already planning to implement crypto payments within the next three years.