According to a report released in February 2022 by Crypto.com, titled “Crypto for Payments report:” 60% of merchants are interested in accepting crypto payments within the year, with 75% of customers showcasing a comparable level of interest.
Increased Interest in Crypto
The report queried over 110,000 Crypto.com users and WorldPay merchants from FIS’ base of approximately 1.5 million merchants and occurred within Q4 of 2021. A majority of the user surveyees were customers under the age of 40, while the merchant surveyees largely came from digital media and gaming.
Source: Crypto for Payments report
One of the biggest highlights here is the fact that there has been a significant increase in the interest from merchants who desire accept crypto. However, the cryptocurrencies with the greatest preference in these cases were Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC).
Largely, the preferences of these merchants leaned more toward the e-commerce shopping experience, rather than the physical store. Customers, however, showed interest in both mediums.
In October of last year, Mastercard teamed up with Bakkt to provide Crypto services to U.S. merchants, FinTech providers, and consumers.
On the Flipside
- Currently, only 4% of merchants accept crypto as a payment method, and it is speculated that the gap between this figure and customer demand could spur on growth in terms of crypto’s acceptance moving forward.
Why You Should Care
The mass adoption of crypto payments is right around the corner. The statistics showcased within the report are an indication of the general growth of prevalence for crypto adoption. In terms of the potential advantages, from the perspective of the consumer, it is the crypto-to-fiat conversion costs that are the most attractive prospect, while for the merchants, it is the lower transaction fees and dispute costs.
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