Retailers will drive adoption of crypto payments: survey

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Crypto payments could be the innovation businesses are looking for. A recent survey by the Mercuryo payments network found that 57% of respondents believe that accepting cryptocurrency payments would give businesses a competitive advantage. Among other noteworthy statistics, more than a third of companies said that customers had requested to pay in Bitcoin (BTC), Ether (ETH) or some other digital currency.

Right after the announcement that Dogecoin (DOGE) will test Tesla merchandise payments and WhatsApp has started testing payments with Meta’s Novi wallet, the Mercuryo report highlights that retail payment services will continue to be a key driver. of the adoption of cryptography.

The report interviewed 501 senior financial decision makers in the UK. Almost half of the sample size consisted of large companies employing more than 250 people. Of the respondents, 40% are part of the management or board of directors, while the rest are partners or business owners.

More importantly, large companies can increasingly lead the way. Among the results, Petr Kozyakov, CEO and co-founder of Mercuryo, told Cointelegraph:

“Our research shows that 75% of all large companies believe cryptocurrency will eventually be integrated into all forms of financial services.”

He added that 72% of large companies in the payments industry see cryptocurrency as the future of payments. Over 75% have seen an increase in demand from customers and vendors to offer cryptocurrency as a payment option.

Related: New Study Finds Strong Demand For Cryptocurrency Payments

In a series of interviews in The Times, smaller companies such as e-bike retailers, shoe brands, and fintech startups have expressed their belief that cryptocurrencies are an asset for businesses. While Bitcoin and cryptocurrency payments make up a small percentage of their total sales, they say it is a growing and valued service.

Companies like Bitpay, Coinbase, and Block are here to help ease the transition for businesses to accept cryptocurrency payments. Still, it’s not as easy as receiving your salary in crypto – a fast growing trend and a magnet for attracting top talent in 2021.

According to Kozyakov, “Building these complex cryptocurrency infrastructures in-house often takes, in some cases, years. As with new technologies, “there are still implementation barriers that are slowing the rate of adoption.”

The report says a lack of clear regulatory clarity in the market was cited by 33% of those surveyed as a barrier to entry, while 27% said vulnerability to scams is of concern and 28% are concerned. fluctuations in exchange rates.

While the cryptocurrency’s market cap has a proven track record, surpassing a $ 2,000 billion market cap for most of 2021, it’s clear that educating mainstream retailers on their use case as that payment technology will still take some time. However, as the industry has proven time and time again, Kozyakov concludes, “it will be the first players who will reap the rewards”.

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