Despite the availability of new payment options, many financial institutions (FIs) lag behind marketplace interest in cross-border payments innovations, especially when providing B2B access to cryptocurrency tools.
Just one in 10 FIs currently gives its B2B customers the ability to use cryptocurrency, according to “Cryptocurrency, Blockchain and Cross-Border Payments,” a PYMNTS and Circle collaboration that draws from a survey of 250 multinational businesses and 250 financial institutions.
Bitcoin is the crypto most commonly offered by FIs, with 6% providing access to it. Stablecoins, Bitcoin Cash and Ether are each at 4%.
By contrast, 58% of multinational firms currently use at least one cryptocurrency, and 19% percent of those that aren’t using it would like to.
The larger the firm, the more likely it is to be currently using crypto. Eighty-one percent of businesses with at least $1 billion in annual revenue use at least one cryptocurrency, compared with only 8% of those generating $10 million to $49 million in annual revenue.
Bitcoin is either the most-used or second-most used cryptocurrency for businesses of all sizes. Among the largest firms, 46% use bitcoin and 37% use Ether.
Firms in the next two tiers are interested in both stablecoins and bitcoin. Those with annual revenue between $250 million and $1 billion are most likely to use stablecoins, with 38% choosing them, followed by bitcoin at 31%. Those generating $100 million to $249 million in annual revenue are equally likely to use bitcoin and stablecoins, with 19% using each.
Businesses with between $50 million and $99 million in annual revenue most often use Ether at 16%, followed by bitcoin at 11%. The smallest firms surveyed, those with between $10 million and $49 million in sales, are equally likely to use bitcoin and Bitcoin Cash, as 8% say they use those options.