The Crypto.com “Crypto for Payments Report” in 2022 shows multiple positive developments as far as adoption is concerned. About 60% of merchants want to accept crypto payments within the year, with 75% of customers showing the same interest.
Crypto.com released a new report in February 2022 discussing cryptocurrency in the payments space. The “Crypto for Payments report” was issued by both Crypto.com and Worldpay from FIS. The report takes a look at several key aspects of the crypto market, including interest, payment mediums, and the growth of crypto as a payment medium.
The report surveyed over 110,000 Crypto.com users and Worldpay from FIS’ base of approximately 1.5 million merchants. These surveys took place in Q4 2021. The surveyees themselves, with under 40-year-olds forming the majority of customers, and merchant surveyees largely coming from digital media and gaming.
One of the biggest highlights is the fact that there has been a significant increase in the interest from merchants to accept crypto. Roughly 60% of merchants want to accept crypto as a payment means within the next year, while 75% of consumers show the same interest. Cryptocurrencies with the greatest preference are bitcoin, ethereum, and USDC.
Interestingly, the focus, at least on the side of merchants, is on the e-commerce shopping experience and not in-store. Customers, however, show interest in both forms, with over 70% saying so.
So far, only 4% of merchants accept crypto as payment. The gap between customer demand and this figure could genuinely spur growth in accepting crypto soon. To a degree, it has already happened, with Shopify letting merchants sell NFTs directly on its platform.
Crypto payments adoption on the horizon
The statistics shown in the report are indicative of a general growth in crypto adoption. On the customer’s side, at least according to the Crypto.com report, is crypto-to-fiat conversion costs, while for merchants, it is lower transaction fees and dispute costs.
These benefits have long been talked about, but it is only in recent years that there has been some progress. The exposure of the crypto market via Super Bowl ads and institutional investment has played a big part.
This interest has spread to incumbent companies. Visa, for example, plans to launch a crypto advisory service to keep up with growing adoption.