By Petr Kozyokov. CEO and Co-Founder Mercuryo’s
For many businesses, modernising their payments functionality is one of the clearest paths out of the pandemic of the previous two years, enabling them to cut costs, future-proof their business and keep ahead of the competition.
At Mercuryo, a global payments network, we’ve recently undertaken key research into the current mindset of businesses and looked at how businesses view new payment innovation and the rising role of cryptocurrencies.
A huge number (68%) of businesses told us there is a need for greater innovation in payments and three in five (58%) reported increasing demand from customers and partners for cryptocurrency as a payment option. This figure when split out rose to 75% among large businesses and 43% among SMEs. This is in line with the demand we’re seeing at Mercuryo from customers looking for providers who can offer them both fiat and crypto services, enabling them 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 was the key benefit for 22% of respondents.
And many businesses are already taking advantage as a third (34%) of UK finance businesses, inclusive of commercial and investment banks, insurance companies, FX traders, brokerage firms and loan providers now make payments via the blockchain.
The demand for crypto stems from the advantages that business owners see compared to traditional B2B payment methods. 24% of respondents stated ‘innovation’ as a key advantage, ‘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 both customers and businesses, 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.
Another 57% believe that cryptocurrency will be integrated into every form of financial services in the near future.
With a further fifth (20%) of all businesses considering adoption of crypto payments within the next three years, we predict that crypto and fiat payments will reach an equilibrium, where businesses and customers have full choice in how they want to pay and transfer money and take advantage of this seamless, efficient and cost effective payment type.
Mercuryo is a payment infrastructure company that aims to redefine how people and businesses transact with each other and transform every business into a global one. It is one of the leading platforms to bridge fiat money and cryptocurrency, allowing businesses across the world to operate with both fiat and crypto, send mass pay-outs, buy and sell digital assets, and execute cross-border transactions cheaper and instantly.
Mercuryo is a cryptocurrency infrastructure startup, enabling businesses to accelerate their growth and boost revenue through an ecosystem of cryptocurrency payment solutions. These solutions include fiat and crypto on and off ramps allowing businesses access to flexible payment types, a widget and a crypto-acquiring solution. With these plug and play assets, businesses can build their own payment solutions and enable them to make use of the opportunities that blockchain and crypto offer and future-proof their business by harnessing the innovative payments of the future.
As Mercuryo grows, more services are in development, like crypto-backed cards, money transfers, a gig solution for mass payments, and fintech crypto SAAS for neobanks.
Established in 2018, Mercuryo now has over a million users and 200+ B2B partners in its portfolio including Bitfinex, Bithumb, ByBit, Binance, Trezor, Trust Wallet, 1inch and more. The company has closed over $10M in funding led by VC fund, Target Global.