Retailers Accelerate Crypto Payment Adoption: Survey

A new report shows that more than half of the people believe that paying with cryptocurrencies gives businesses a competitive advantage.

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Cryptocurrency payments could be what innovative companies are looking for. A recent survey by the payment network Mercuryo found that 57% of respondents believe that accepting payments in cryptocurrency will give businesses a competitive advantage. Among other striking statistics, more than a third of companies report that customers have requested payments in Bitcoin (BTC), Ether (ETH), or another digital currency.

After news that Dogecoin (DOGE) will be testing goods payments for Tesla and WhatsApp has started testing payments with Metas Novi wallet, Mercuryo’s report highlights that retail payment services will continue to be the main driver behind cryptocurrency adoption.

The report interviewed 501 senior financial decision-makers in the UK. Almost half of the sample includes large companies with more than 250 employees. Of those surveyed, 40% are managers or directors at the board level while the rest are partners or business owners.

It is important, however, that large companies can increasingly take the lead. Among the results, Petr Kozyokov, CEO and Co-Founder of Mercuryo, told Cointelegraph:

“Our research shows that 75% of all large companies believe that cryptocurrencies will at some point be integrated into all forms of financial services.”

He added that 72% of large companies in the payments sector see cryptocurrencies as the future of payments. Over 75% see an increased demand from customers and providers to offer cryptocurrency as a payment option.

Related: New research shows high demand for cryptocurrency payments

In a series of interviews on The Situations, smaller businesses such as e-bike retailers, shoe brands, and fintech startups have expressed their belief in cryptocurrencies as a corporate asset. While bitcoin and crypto payments only make up a small percentage of their total sales, they say it is a growing and valuable service.

Companies like Bitpay, Coinbase, and Block are always ready to help businesses transition to accepting crypto payments. Getting your paycheck isn’t as easy as it is with cryptocurrencies, however – a fast growing trend and a top talent magnet in 2021.

According to Kozyokov, the “internal construction of these complex crypto infrastructures often takes years”. As with new technologies, “there are still barriers to implementation that are slowing the pace of adoption”.

The report shows that 33% of respondents view a lack of regulatory clarity in the market as a barrier to entry, while 27% see the risk of fraud and 28% are concerned about volatility.

While the crypto market cap has proven itself, with much of 2021 above a $ 2 trillion market cap, it is clear that educating brick and mortar retailers about their use case as a payment technology will take some time. As the industry has proven time and again, Kozyokov comes to the conclusion: “It is the early initiators who reap the benefits.”