85% Of Merchants See Cryptocurrency Payments As A Means To Reach Out To New Customers.

While the market remains stable, the crypto ecosystem continues to expand as merchants experiment and accept cryptocurrency payments in order to reach new customers.

PYMNTS, a data platform, teamed with Bitpay to survey merchants in order to better understand what participants anticipate from digital currencies and their impact on payments and businesses.

According to the report “Paying With Cryptocurrency,” 85 % of firms with a $1 billion yearly income are using crypto payments to seek and gain new customers. On the other side, 82% of all merchants that responded to the poll cited the elimination of middlemen as a rationale for embracing cryptocurrency as a payment option.

Aside from that, the research revealed that 77% of the questioned merchants are drawn to taking cryptocurrency due to decreased transaction fees. The fees for processing cryptocurrency transactions, according to the research, are around 1%.

This is far lower than the 1.5% to 3.5% fees paid by other payment methods such as credit cards.

While the majority of the survey reflects positive views on cryptocurrency, some merchants claim that technological constraints and challenges continue to prevent them from accepting crypto payments. 68% of merchants who do not accept cryptocurrency yet stated that this is due to difficulties in implementing the technology at the checkout.

Despite the crypto winter, a survey published in June revealed that a diverse range of enterprises from a variety of industries had already implemented crypto payment methods. The crypto ecosystem continues to grow as worldwide acceptance grows, from entertainment services to travel booking platforms.

In the same month, Ben Caselin, an executive at trading firm AAX, said that, despite the negative market, Bitcoin (BTC) acceptance and Metaverse development are progressing. According to Caselin, this is an excellent opportunity for firms wishing to enter the crypto ecosystem.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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