According to a report from Crypto.com, 60 percent of merchants and 75 percent of customers support accepting cryptocurrency payments within one year.
A research report from Crypto.com and Worldpay on the introduction of cryptocurrencies into the payment space was published in February 2022. The study examines several key aspects of the crypto market including interest rates, payment instruments, and the growing popularity of cryptocurrencies.
Approximately 110,000 Crypto.com members and 1.5 million merchants from fiS’s Worldpay database participated in the survey that provided the data for this report. These surveys were conducted in Q4 2021 and mostly focused on sellers who work in the field of digital media and games. Most of the participants are under the age of 40.
The survey clearly shows how interest in cryptocurrency has grown among merchants. Approximately 60% of them want to accept cryptocurrency as a payment within the next year, and 75% of consumers are interested in such an option. Bitcoin, Ethereum, and USDC are the most preferred cryptocurrencies to make payments.
The most common interest among sellers is e-commerce, while the most common interest among buyers is online shopping and traditional purchases equally (more than 70% of respondents reported this).
Presently, only 4% of sellers accept cryptocurrencies as payment. Higher demand for cryptocurrency-based payments may accelerate the process. This has already taken place in a limited way, when the e-commerce service Shopify allowed merchants to trade NFT directly.
This report indicates that cryptocurrencies are rapidly spreading. Crypto payments are the costs of converting cryptocurrencies into fiat, and lower transaction fees and dispute costs. These advantages have been talked about for a long time, but in recent years there has been some progress in the cryptocurrency industry.
Companies are becoming increasingly interested in digital assets. Visa, for instance, is planning to launch a cryptocurrency advisory service to keep up with the growing popularity of digital currencies.
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