Report: 60% of merchants want to accept cryptocurrency in the coming months
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Answer Report: 60% of merchants want to accept cryptocurrency in the coming months
Worldpay, a subsidiary of FIS, one of the largest financial technology service providers, Worldpay, recently released a report in partnership with Crypto.com that looks at users’ attitudes toward cryptocurrencies as a medium of exchange.
The study found great interest among both merchants and buyers in using cryptocurrencies for transactions in 2022.
Consumers are hungry for cryptocurrency:
According to the report, titled “Crypto as a Payment”, there is currently a disparity of up to 10 times between customers and crypto merchants.
Meaning that while 40% of buyers want to use their cryptocurrency to buy things, only 4% of merchants actually accept it.
60% of customers and merchants have shown interest in using and accepting cryptocurrencies this year.Read:G7 countries: We will ensure that Russia is not able to use cryptocurrencies to evade sanctions
True adoption is likely to be much slower, as there are operational hurdles that must first be resolved.
One potential contributing factor to the discrepancy between a customer and a trader is the price volatility that cryptocurrencies are subject to.
Traders may be reluctant to sell their products against these assets for fear that their value will drop significantly the next day.
As such, solutions such as prepaid crypto cards from Visa and MasterCard have emerged.
Users can load these cards with cryptocurrency and use them to purchase products wherever traditional cards are accepted.
The cryptocurrency is converted to fiat at the end and it all takes place in the background, before being put into the merchant’s account.
Currently, 65% of crypto.com users use the Visa card, which clearly shows the demand on the part of the customer for cryptocurrency purchases.
The study specifically surveyed 110,000 Crypto.com users.
A similar study by Visa found that 25% of small business owners plan to accept cryptocurrency this year.
The benefit of adopting crypto:
Perhaps unsurprisingly, the report found that traders are more interested in accepting cryptocurrencies due to their timeliness and minimal fees, not to mention the momentum around them.Read:A report that reviews the countries that adopt the most cryptocurrency… Get to know them
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