Third of finance firms using crypto payments

A third of financial institutions are making payments via cryptocurrency, according to a survey of financial leaders

The research by payment network Mercuryo also show that three in five businesses report increased demand from customers to accept crypto as a payment form.

The research is part of a report called The State and Future of B2B Payments in the UK.

In total, over 500 senior financial decision makers in the UK were surveyed, gauging how they interact with payment systems.

The survey found that 68 per cent of businesses said there is a need for greater innovation in payments.

The demand for crypto as a payment option was more pronounced in large businesses, with 75 per cent wanting it, compared to 43 per cent of SMEs wanting crypto as a payment option.

Innovation was the leading reason businesses wanted to use crypto compared to traditional payment options.

Confidentiality, security and faster transactions were also reported as advantages to crypto in the survey.

In total, 55 per cent of businesses view crypto as the future of payments, with 57 per cent of businesses believing crypto will give them a competitive edge.

Five in ten of all businesses surveyed are considering adoption of crypto payments within the next three yeas.

"SMEs are a driving force for the UK economy, but if they fail to innovate, they are in danger of being left behind.” said 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.”