According to a report released in February of 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 the same level of interest.
Increased interest in crypto
The report surveyed over 110,000 Crypto.com users and Wordpay from FIS’ base of approximately 1.5 million merchants. These are all surveys that occurred within Q4 of 2021. The surveyed surveyees themselves, a majority of which were customers under the age of 40, and merchant surveyees largely came from digital media and gaming.
Source: Crypto for Payments report
One of the largest highlights here is the fact that there has been a significant increase in the interest from merchants to truly accept crypto. However, the cryptocurrencies with the greatest preference here were Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC).
The focus on the side of the merchants was on the e-commerce shopping experience and not in-store. Customers show interest in both forms, however.
In October of last year, Mastercard (NYSE:MA) teamed up with Bakkt to provide Crypto services to U.S. merchants, fintech, and consumers.
On the Flipside
- Currently, only 4% of merchants accept crypto as a payment, and the gap between customer demand and this figure could spur growth in terms of crypto acceptance going forward.
Why You Should Care
Crypto payments mass adoption is right around the corner. These statistics showcased within the report are an indication of a general growth within crypto adoption. In terms of the advantages, from the perspective of the consumer, it is the crypto-to-fiat conversion costs, while from the perspective of the merchants, it is the lower transaction fees and disputes cost.
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