60% of merchants aim to accept crypto payments in 2022

Worldpay by FIS, a leading global fintech provider, recently release A joint report with Crypto.com addresses concerns about cryptocurrency payments. The report shows the high level of interest from both sellers and customers in using cryptocurrencies for transactions in 2022.

Consumers crave cryptocurrency

According to the report, titled “Cryptocurrency in Payments,” there is now a nearly 10x gap between customers and merchants trading in crypto. While 40% of customers want to use crypto for purchases, only 4% of merchants actually accept it. In contrast, 60% of both customers and merchants showed interest in using/adopting cryptocurrencies this year.

True adoption, however, will likely be much slower. The teething problems of cryptocurrencies and the complexity of coordinating these new payment systems between internal teams will prove to be major challenges for institutions. When addressed, sellers can benefit from lower transaction fees and litigation costs while attracting a broader customer base.

One factor that can contribute to the discrepancy between buyers and sellers is the notorious price volatility of cryptocurrencies. This is how solutions such as prepaid crypto cards from Visa and Mastercard came about. Users can load these cards with cryptocurrency and use them to purchase products anywhere traditional cards are accepted by payment processors. Each converts the user’s cryptocurrency to fiat before transferring it to the merchant’s account.

The study specifically surveyed 110,000 Crypto.com customers and over 1.5 million WorldPay from FIS merchants. A learn A similar study conducted by Visa shows that 25% of small business owners plan to accept crypto this year.

Which coin are you most interested in?

Perhaps unsurprisingly, the report reveals that traders are most interested in accepting USDC and large-cap cryptocurrencies for payment. Customers feel the same way.

Among industries, luxury sellers show strong interest in accepting crypto payments (80%). Customer interest was more balanced across all market sectors, indicating greater interest in using cryptocurrencies for travel, although sellers in this niche are slightly less interested.

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