As per the new research reveals cryptocurrencies such as bitcoin (BTC), ether (ETH), and stablecoins are rapidly gaining popularity among younger demographics, with 40% of 18 to 35 year old consumers in 11 nations expressing an intent to use cryptocurrencies such as bitcoin (BTC), ether (ETH), and stablecoins to pay for goods or services within the next 12 months.
The report is based on the fact that there are 30,000 customers and 30,000 merchants in 11 nations including U.S., U.K., numerous western European nations, the UAE, Saudi Arabia, Hong Kong, Singapore, and Australia.
Checkout.com, a global payments provider, presented the report, titled “Demystifying Crypto: Shedding Light on the Adoption of Digital Currencies for Payments in 2022,” on April 6th at the Bitcoin 2022 conference in Miami. It indicates a positive trend in the use of cryptocurrencies for online payments.
The figure for 2021 is 30%, which “marks a significant shift in attitude from digital currencies being seen as solely an investment vehicle to a means of doing business on a regular basis,” according to the report. Meanwhile, 23% of online businesses say they intend to accept cryptocurrency payments by 2024.
According to the report, increased consumer interest in cryptocurrency is being driven by a broader desire for more convenient, safer payment methods. Merchants are answering the call and attempting to profit from this new trend by providing the underlying infrastructure to support crypto payment methods.
As a result, cryptocurrency is already having a significant impact on merchants and the market as a whole. In the first fiscal quarter of 2022 alone, more than $2.5 billion in payments were made using Visa’s crypto-backed card.
Merchants who accepted cryptocurrency payments saw net new growth, with 82% saying the options allowed them to quickly attract new customers and reach new demographics.
Almost 70% of merchants polled believe that the speed with which crypto payments can be made and settled has the potential to revolutionise their business models, with more than 80% of merchants with existing crypto-payment options reporting that it is easier to settle than using fiat currencies.
Jess Houlgrave said that “We believe this is the largest consumer survey of its kind, and the findings show a clear evolution of global attitudes toward cryptocurrencies.” This is a legitimate transition from the early adoption stage to one that is more practical, pragmatic, and overall positive.”
Checkout.com’s head of crypto strategy, Jess Houlgrave, stated,by adding “As a result of this transition, there is a surge in demand for fintech firms that can provide simple-to-implement solutions and services to get merchants up and running with crypto payment options—and then help them optimise the process over time.” We expect that trend to continue in the coming year as we integrate more services into Web3.”
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