No Comments

42% of Cross-Border Firms Use Blockchain-Based Smart Contracts That Trigger Payment – PYMNTS.com

Decentralized finance solutions have transformed the payments landscape, presenting a new vista of possibilities for seamless cross-border expansion for multinationals and businesses aspiring to launch new global initiatives. 
Cross-border firms have many use cases for cryptocurrency and blockchain. The leading use case is blockchain-based smart contracts that trigger payment, which 42% of businesses currently employ and 13% more would like to start using in the future, according to “Cryptocurrency, Blockchain and Cross-Border Payments,” a PYMNTS and Circle collaboration based on extensive surveys of executives at 250 multinational businesses and 250 financial institutions.
Get the report: Cryptocurrency, Blockchain and Cross-Border Payments: How Multinationals Leverage New Technology to Optimize Business Payments 
The second most common use case for cryptocurrency and/or blockchain is cross-border payments, which 37% of businesses currently do and another 13% want to begin doing. Other common ways that multinational firms utilize cryptocurrency and blockchain include asset management and other payments. 
The greater the number of countries in which firms operate, the greater the likelihood that they use cryptocurrency and/or blockchain for these purposes. For example, 69% of businesses that operate in more than 10 countries use smart contracts that trigger payment, as do 61% of those that operate in six to 10 countries. This falls to just 37% among companies that operate in three to five countries, and 25% for those operating in two countries. The pattern is similar across the other leading use cases. 
Many factors influence whether cross-border businesses adopt cryptocurrency and/or blockchain as financial tools. The leading factor, cited by 52% of respondents, is having more clarity regarding regulations that govern these technologies. The need to improve operational efficiency (41%), data quality (37%), data security (35%) and profits (34%) are other top issues. Also cited are retaining and attracting customers, entering and regaining markets, organization leaders’ support, and the buy-in and support of other organizations. 

——————————
NEW PYMNTS DATA: AUTHENTICATING IDENTITIES IN THE DIGITAL ECONOMY – DECEMBER 2021

About:More than half of U.S. consumers think biometric authentication methods are faster, more convenient and more trustworthy than passwords or PINs — so why are less than 10% using them? PYMNTS, in collaboration with Mitek, surveyed more than 2,200 consumers to better define this perception versus use gap and identify ways businesses can boost usage.
Successful Main Street business owners have always had to be resourceful and quick-thinking, but these capabilities have been tested more than ever…
Most companies are digitizing their accounts receivable (AR) and accounts payable (AP) systems if they have not already done so, PYMNTS research…
Around the world, in the competitive food delivery category, the win condition is shifting. Where in 2020 and 2021, the goal was…
You have successfully joined our subscriber list.
© 2022 What’s Next Media and Analytics™

source

You might also like

More Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Menu