August 14, 2022

Research: 85% of merchants see bitcoin payments as a way to attract customers

Research: 85% of merchants see bitcoin payments as a way to attract customers

For 84.8% of merchants, paying with cryptocurrencies has become a way to expand their customer base. Such assessments are contained in a study by the PYMNTS news aggregator and the Bitpay processing service.

81.5% of respondents cited the ability to eliminate intermediaries as the reason for adding this feature.

59.6% of merchants indicated the convenience of using cryptocurrencies in cross-border transactions.

A decrease in transaction costs was noted by 42.1% of respondents. According to researchers, commissions when paying with digital assets are about 1% against the industry standard of 1.5-3.5%.

An obstacle to the introduction of crypto paymentstechnical difficulties remain. This was reported by 67.9% of respondents. Also among the popular answers are the volatility of digital assets (66.1%), difficulties in tracking transactions (56%), insufficient transparency (49.5%).

Recall that a PYMNTS survey in December 2021 showed that 58% of cross-border companies use cryptocurrencies.

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