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FUTURE-PROOFING PAYMENTS: A THIRD OF UK FINANCE BUSINESSES ARE NOW MAKING CRYPTO PAYMENTS, AS DEMAND FOR PAYMENT INNOVATION SOARS

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  • New research from Mercuryo has shown 34% of UK finance businesses are now using cryptocurrency to facilitate payments
  • Three in five businesses report increased demand from customers to accept cryptocurrency as a form of payment
  • 55% of all businesses believe cryptocurrency is the future of payments
  • Innovation, confidentiality and security are seen as the key benefits to crypto payments

 

A third (34%) of UK finance businesses now make payments via the blockchain, according to new research by global payment network Mercuryo.

A huge 68% of all businesses agree that there is a need for greater innovation in payments and that is echoed by their customers as three in five (58%) businesses report increased demand from customers and partners for cryptocurrency as a payment option-with this rising to 75% among large businesses and 43% among SMEs.

This demand is reflected in the recent news that Visa is launching its own crypto consulting service to help clients navigate the world of cryptocurrencies. With fintechs clambering to harness crypto technology, key market players such as Revolut are already looking at building their own crypto exchange to broaden their offering, signifying a potential new era for the mass adoption of digital currencies within the financial services landscape.

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

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 were the key benefit for 22% of respondents.

With ever-increasing interest from customers, 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. In fact, findings show that a further fifth (20%) of all businesses  are considering adoption of crypto payments within the next three years.

 

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Russia and Turkey still keep door open to crypto adoption

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Bitcoin dropped around 5% yesterday after the much-anticipated FOMC meeting, where Jerome Powell was more hawkish than expected. Although there was no change to the decision of when to end tapering or hike rates, Powell said that inflation was worse than what was predicted in December, and that they would act more if required. Both equities and crypto fell sharply after the meeting, giving up gains from earlier on in the day.

Crypto is seeing more interest from governments, as the Turkish president Erdogan advised the country’s ruling party to examine the metaverse and cryptocurrencies closely in terms of their potential use. Turkish crypto investors have been very active in buying land in the metaverse. In Istanbul alone, over 11,000 virtual lands are already on the metaverse, with Turkish investors having spent millions.

The Turkish Lira losing value dramatically over the past 2 years has caused many Turks to flock to cryptocurrencies. The Turkish President met with the leader of El Salvador last week, who are the first country to make Bitcoin legal tender. This, alongside the ambition to study cryptocurrencies’ use in more depth, could signal the start of a shift in how the Turkish government views the industry, as they have previously been hostile towards the asset class.

In addition, Russia’s finance ministry has opposed the Russian Central Bank’s call for crypto to be banned, as it would undermine the industry’s technological development. Putin also said that Russia has certain advantages when it comes to Bitcoin mining, because of the country’s surplus of electricity and well-trained personnel. The fact that more and more governments are looking at crypto as an asset class that can provide benefits in staying ahead technologically, is a sign of the asset class maturing. Whether or not Turkey or Russia decides to ban or embrace crypto is still uncertain, although I think they will have no choice but to adopt crypto in the end.

 

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Transact365 launches seamless cross border payments in India

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  • Transact365 enables merchants to transact locally in India
  • Merchants can partner directly with Transact365 without needing to source local partners
  • Transact365 offers two local solutions – Unified Payments Interface (UPI), and NetBanking 

 

UK-based fintech Transact365 has added local India payments for merchants.  By using Transact365’s gateway solution, merchants can access new opportunities in India without having to form local payment partnerships or establish an Indian company. The move ensures merchants now have access to over one billion Indian-based consumers enabling them to pay faster in a familiar way.

Transact365 offers two local solutions tailored to the needs of the Indian market – Unified Payments Interface (UPI) and NetBanking.

Developed by the National Payments Corporation of India – UPI is an instant, real-time payment system that facilitates inter-bank transactions through smart phone devices, powering multiple bank accounts into a single mobile application of the 274 participating banks. UPI facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.

NetBanking is a unique payment method facilitating online payment transactions in India. When a user makes a payment via NetBanking, the payment is initiated via the Transact365  gateway which allows the user to complete the transaction with the merchant in realtime in local currency.

Transact365 has also established a local payment distribution allowing merchants to pay clients in India in real time with fully automated api connectivity 247 365 Days a year.

Transact365’s launch in India is the first in a series of big market expansions planned for 2022. Having already expanded into Europe, Asia and Australia, Transact365’s payment gateway system ensures merchants of all sizes and sectors can access fast-growing markets seamlessly and quickly.

Dan Fernandez, CEO of Transact365, said: “We are pleased to announce that merchants can now use Transact365 to process payment transactions in India. By utililising local payment solutions, Transact365 ensures merchants can now facilitate payments in India, with users able to confirm their payment in a matter of seconds.

“Our expansion into India comes at an exciting time for the company. With customer and merchant demand for payment gateways rising, Transact365’s revolutionary system ensures more businesses are able to access consumers in rapidly expanding markets. Importantly, our launch in India will soon be followed by similar market expansion announcements throughout 2022.”

 

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