A Crypto.com study found a massive disparity between merchants already accepting crypto and the number that would like to see the adoption of crypto payment options by the end of 2022.
Crypto.com partnered with Worldpay from FIS to conduct a large-scale market study, the results of which were published as a report titled “Crypto for Payments.”
According to the study, as of February 2022, 40% of users would like to use crypto as a means of payment for purchases, but such an opportunity is provided by no more than 4% of merchants. At the same time, 60% of both merchants and customers are interested in the widespread implementation of such a possibility by the end of 2022.
The opportunity to use USD Coin (USDC) and large-cap cryptocurrencies as a means of payment seems to be of the greatest interest. Among business representatives, merchants of luxury goods show overwhelming interest in accepting crypto for payment.
Analysts point out that the main barrier to the widespread adoption of crypto payments by businesses is their low awareness of the technical side of the issue. The high volatility of cryptocurrencies stands out among other problems.
One of the factors contributing to the adoption of crypto payments is the issuance of cryptocurrencies by Visa and Mastercard, which allow paying in crypto with automatic conversion into fiat money. About 65% of respondents participating in the survey already use such cards. The study surveyed 110.000 Crypto.com customers and over 1.5 million Worldpay from FIS merchants.