60% of sellers are in favor of accepting cryptocurrency payments in 2022

According to a report from Crypto.com, about 60% of merchants were in favor of accepting crypto payments within a year, and75% of customers think the same way.

In February 2022, the Crypto.com, together with Worldpay, have published a new report on the introduction of cryptocurrencies into the payment space. The report looks at several key aspects of the crypto market, including interest, payment instruments, and the growing popularity of cryptocurrencies as a means of payment.

About 110,000 Crypto users.com and approximately 1.5 million Worldpay merchants from FIS (the company that acquired Worldpay in 2019) completed the surveys that inform this report. The surveys were conducted in the 4th quarter of 2021. The majority of survey participants are people under the age of 40, and sellers mainly work in the field of digital media and games.

The survey clearly showed how interest has grown incryptocurrencies from sellers. Approximately 60% of merchants want to add cryptocurrency as a means of payment within the next year, and 75% of consumers are interested in such an option. The most preferred cryptocurrencies for making payments are Bitcoin, Ethereum and USDC.

Interestingly, sellers are most interested in e-commerce, while buyers are equally interested in online shopping and traditional purchases (more than 70% of respondents reported this).

At the moment, only 4% of sellers acceptcryptocurrencies as payment. High demand for this form of payment may drive change. To some extent, this has already happened when e-commerce service Shopify allowed merchants to trade NFTs directly on their platform.

Introduction of crypto payments in the near future

The statistics in the report showthe rapid spread of cryptocurrencies. For consumers, crypto payments are the costs of converting cryptocurrencies to fiat, while for merchants, these are lower transaction fees and lower dispute costs. And these advantages have been talked about for a long time, but only in recent years there has been some progress in the cryptocurrency industry. The Super Bowl and institutional investments have played a big role in the expansion of the crypto market and the adoption of cryptocurrencies.

Interest in digital assets has spread tooperating companies. Visa, for example, plans to launch a cryptocurrency advisory service to keep pace with the growing adoption of digital currencies.

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