In February 2022, Crypto.com published fresh research on crypto in the payments arena. Crypto.com and Worldpay from FIS released the “Crypto for Payments study.” The study paper examines numerous critical areas of the cryptocurrency economy, including interest, payment methods, and the rise of cryptocurrency as a payment method.
About 110,000 Crypto.com clients and 1.5 million Worldpay merchants from FIS’ were surveyed for the research. These polls were conducted in the fourth quarter of 2021. In the survey the majority of customers were under 40 years old, and merchant surveyees were from the digital media and gaming industries.
One of the most notable developments in the tremendous growth in merchant interest in accepting cryptocurrency. Approximately 60% of retailers want to accept cryptocurrency as a payment method sometime next year, whereas 75% of customers want to do the same. Bitcoin, Ethereum, and USDC are the most popular cryptocurrencies.
Surprisingly, merchants are focusing more on e-commerce purchasing experience rather than in-store shopping. Customers, on the other hand, are interested in both formats, with over 70% stating that they are.
Only 4% of merchants already accept cryptocurrency as payment. The disparity between client demand and this statistic may fuel rapid development in crypto acceptance soon. It has already happened to some extent, with Shopify allowing merchants to sell NFTs directly on its network.
The numbers included in the research point to a general increase in crypto usage. Customers benefit from cheaper crypto-to-fiat conversion expenses, according to the Crypto.com analysis, while merchants benefit from decreased transaction costs and dispute costs.
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