85% Of Merchants Now Want To Accept Crypto To Get New CustomersJuly 6, 2022 3:27 pm
Based on a recent survey that was collaborated on between BitPay and PYMNTS, it showed that roughly 85% of merchants are now interested in accepting crypto in order to gain more customers.
Ultimately, the main reasons for using crypto are so that merchants have greater market access and will be able to get rid of any middlemen for the transactions.
As a result, it may be no surprise that crypto continues to gain more and more popularity for businesses that are both small and big.
Additionally, another reason for the increased use is the more efficient and faster cross-border transaction experience which is slow and ineffective using traditional financial systems.
82% of the survey participants noted that they are attracted to implementing crypto payments because it eliminates the middlemen. https://t.co/b4h0E2QQD0
— Cointelegraph (@Cointelegraph) July 6, 2022
PYMNTS shares more details regarding the study:
These motivating factors change among businesses of different sizes.
Merchants in the smallest revenue category identified in the report — those with revenue under $250 million — are most interested in a better cross-border transaction experience.
Sixty percent of these firms say that is a reason for their interest in accepting crypto at checkout.
The next most common reasons cited by these merchants are the ability to gain new customers, the ability to eliminate middlemen and a reduction in declined transactions. Each of those reasons is cited by 40% of the merchants in the smallest revenue category.
Among the merchants in the two largest revenue categories, on the other hand, the ability to gain new customers and the ability to eliminate middlemen are the top motivations, with a better cross-border transaction experience being only the third-most cited reason for their interest in accepting crypto at checkout.
With that being said, merchants are also aware that the adoption of crypto for payments will also have drawbacks as well such as the current volatility of many of the tokens.
Still, many still believe that the pros outweigh the cons which is a positive sign of an industry that is just going through its “growing pains” while the technology continues to improve.
Once many of the pain points are addressed such as eliminating the need for businesses to deal directly with crypto wallets or providing better payment tracking mechanisms, then the adoption of the industry may finally reach the next level.
As of right now, such reasons are why many existing businesses have decided to not yet get involved with crypto payments.
— PYMNTS (@pymnts) July 6, 2022
While most of the report shows positive perspectives on crypto, some merchants report that technical barriers and challenges still get in their way of adopting crypto payments.
Of the merchants that do not accept crypto yet, 68% said that this is because of the challenges that they face in the implementation of the technology at the checkout.
Despite the crypto winter, a report published by Cointelegraph Research in June showed that a wide range of companies coming from various industries has already integrated crypto payment options. From entertainment platforms like to travel booking platforms, the crypto ecosystem continues to expand as global adoption progresses.
In the same month, Ben Caselin, an executive at trading firm AAX, told Cointelegraph that despite the bearish market, Bitcoin (BTC) adoption and Metaverse development continues to advance.
According to Caselin, this is a good opportunity for businesses that are looking to tap into the crypto ecosystem.
There will likely be coexistence between crypto and traditional financial systems at first, but there is no doubt that the use of digital assets will be here to stay.
— Merlin (@getmerlincrypto) July 5, 2022
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.