60% of Merchants Want To Accept Cryptocurrency Within A Year.

According to the poll, there is a huge discrepancy between merchants that already take cryptocurrency and those who would like to start doing so in 2022.

According to the survey, titled “Crypto for Payments,” there is presently a tenfold difference between customers and businesses trading in cryptocurrency. While 40% of customers want to use their cryptocurrency to make purchases, just 4% of shops accept it. 

In contrast, this year, 60% of both buyers and retailers expressed interest in using/accepting cryptocurrency.

However, actual acceptance is likely to be far slower. The high learning curve of cryptocurrency, as well as the difficulties of organizing these new payment methods among internal teams, will be massive issues for institutions. 

If these obstacles are addressed, the research predicts that retailers would profit from decreased transaction fees and dispute costs while appealing to a larger client base.

As a result, options such as Visa and Mastercard’s prepaid cryptocurrency cards have arisen. Users may load these cards with cryptocurrency and use them to purchase items everywhere standard credit cards are accepted by payment processors. On the back end, each will convert customers’ money to fiat currency before depositing them into the merchant’s account.

At the moment, 65% of crypto.com members utilize the crypto.com Visa card, exhibiting strong customer demand for cryptocurrency purchases.

The report primarily questioned 110,000 Crypto.com consumers and 1.5M+ FIS retailers using WorldPay. According to a similar research performed by Visa, 25% of small company owners intend to accept cryptocurrency this year.

Unsurprisingly, the survey discovered that merchants prefer to take USDC and large-cap cryptos as payment. Customers felt the same way, but were more inclined to utilize crypto.com’s native Cronos currency – but this is most likely due to biased sampling.

Among industries, retailers of luxury items expressed great interest in taking cryptocurrency as payment (80% ). Customer interest was more evenly distributed across market sectors, with a slight increase in interest in utilizing cryptocurrency for travel – however merchants proved to be the least accommodating in that arena.

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Patrick

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