Most businesses consider paying for goods and services with cryptocurrencies as a way to expand their customer base.
Attracting new customers is one of the key reasons why businesses are interested in adopting crypto. This point was made by 84.8% of respondents in a research by PYMNTS and BitPay. Another 81.5% cited the possibility of eliminating intermediaries as a motivation for adopting crypto payments.
A total of 2,334 consumers and 202 merchants participated in the Paying with Cryptocurrency survey. Among other arguments for adopting crypto payment methods, business representatives named:
- convenience of using cryptocurrencies in cross-border transactions — 59.6%;
- improved user experience — 46.6%;
- lower transaction fees — 42.1%;
- better conditions for attracting investment — 42.1%;
- higher data security — 33.1%, etc.
The main obstacles to the implementation of crypto payments in existing business processes are:
- technical difficulties — 67.9%;
- high volatility of digital assets — 66.1%;
- difficulties in tracking transactions — 56%;
- lack of transparency — 49.5%;
- regulatory uncertainty — 33.9%, etc.
Recall that major retailers in the U.S. are already preparing to accept payments in cryptocurrency and spend millions of dollars to create and maintain the necessary infrastructure. According to CoinsPaid’s research, two-thirds of Brazilians are willing to use crypto to pay for their daily purchases, while the overall acceptance rate of cryptocurrencies in major Latin American countries exceeds 60%.
