A new study by Sage has found that finance officers within SMBs are increasingly embracing cryptocurrencies and the metaverse as digital payments technology forces an evolution.
While only 17% of global finance teams reported currently accepting cryptocurrency transactions, one-third (33%) plan to accept decentralized currencies within the next 12 months. Just over half (52%) believe these currencies will prove ‘extremely’ viable as a long-term payment solution. The biggest hurdles surrounding adoption of cryptocurrencies were internal ESG policies (22%) and finding the right talent to manage it (22%).
The research revealed that over two-fifths (44%) of finance leaders have used cryptocurrency as payment for personal transactions, whilst nearly half (48%) have personally invested in cryptocurrency. Another half (49%) plan to invest in it.
When it came to the metaverse, SMBs may be further ahead in embracing the new technology than many anticipate.
Over one-third (36%) of finance teams say their company has already entered the metaverse, while half (52%) say they plan to increase their presence over the coming year. Over half (54%) of respondents are planning learning programs in the metaverse, and almost half (42%) are purchasing virtual real estate (via NFTs).
Download Sage’s full Canadian report here.