The secret to the rapid adoption of cryptocurrencies is to meet the conflicting consumer demand for crypto payments in different areas of business, a new study reveals.
In a survey of 110,000 Crypto.com cryptocurrency exchange customers and over 1.5 million Worldpay merchants, approximately 60% of merchants and customers shared their interest in crypto payments. However, consumer demand is not reciprocated by business verticals that accept cryptocurrencies.
As shown above, consumer demand for crypto payments exceeds the availability of merchants in four major industries – travel, automotive, digital media, and hospitality. The merchant availability gap creates huge opportunities to capitalize on the market demand for crypto payments.
On the other hand, industries with calmer markets, such as luxury goods, retail, groceries, and gaming, show a greater appetite for cryptocurrency adoption. For example, luxury brands and retailers have begun to explore non-fungible tokens (NFTs) to authenticate their products when opening a new customer base.
The survey says this is a direct result of buyer demand exceeding seller demand for cryptocurrency payments:
“Because of this, 64% of Crypto.com customers use prepaid cards to spend their funds at businesses that do not support direct wallet transfer.”
Both consumers and merchants trust and prefer to use the largest market capitalization cryptocurrencies – Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and US Dollars (USDC).
Another discrepancy between consumer and merchant has to do with payment preferences. While roughly 70% of the customers surveyed showed interest in in-store and online crypto payments, the majority of businesses accepting crypto preferred to accept crypto only through e-commerce websites.
With gaps in mind despite growing demand from both merchants and consumers, Crypto.com research highlights the need for cryptocurrency education and a changing regulatory framework to accelerate merchant adoption in disruptive business verticals.
Related: Upcoming Apple iPhone Feature to Give Merchants the Ability to Accept Cryptocurrency Payments
Apple recently announced plans to launch a new Tap to Pay feature for its iPhone that effectively turns the smartphone into a point-of-sale device for businesses and merchants.
A report by Cointelegraph on the matter reveals the possibility of using the new feature to make payments in cryptocurrency between businesses that accept Apple Pay.
We just introduced Tap to Pay on iPhone, a great way for millions of small businesses to accept contactless payments right from their iPhone. It’s simple, secure, and coming out later this year. https://t.co/w6P6oS7grm — Tim Cook (@tim_cook) February 9, 2022
According to Apple, the soon-to-be-launched Tap to Pay feature will expand support for “Apple Pay, contactless credit and debit cards, and other digital wallets.”
The secret to the rapid adoption of cryptocurrencies is to meet the conflicting consumer demand for crypto payments in different areas of business, a new study reveals.
In a survey of 110,000 Crypto.com cryptocurrency exchange customers and over 1.5 million Worldpay merchants, approximately 60% of merchants and customers shared their interest in crypto payments. However, consumer demand is not reciprocated by business verticals that accept cryptocurrencies.
As shown above, consumer demand for crypto payments exceeds the availability of merchants in four major industries – travel, automotive, digital media, and hospitality. The merchant availability gap creates huge opportunities to capitalize on the market demand for crypto payments.
On the other hand, industries with calmer markets, such as luxury goods, retail, groceries, and gaming, show a greater appetite for cryptocurrency adoption. For example, luxury brands and retailers have begun to explore non-fungible tokens (NFTs) to authenticate their products when opening a new customer base.
The survey says this is a direct result of buyer demand exceeding seller demand for cryptocurrency payments:
“Because of this, 64% of Crypto.com customers use prepaid cards to spend their funds at businesses that do not support direct wallet transfer.”
Both consumers and merchants trust and prefer to use the largest market capitalization cryptocurrencies – Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and US Dollars (USDC).
Another discrepancy between consumer and merchant has to do with payment preferences. While roughly 70% of the customers surveyed showed interest in in-store and online crypto payments, the majority of businesses accepting crypto preferred to accept crypto only through e-commerce websites.
With gaps in mind despite growing demand from both merchants and consumers, Crypto.com research highlights the need for cryptocurrency education and a changing regulatory framework to accelerate merchant adoption in disruptive business verticals.
Related: Upcoming Apple iPhone Feature to Give Merchants the Ability to Accept Cryptocurrency Payments
Apple recently announced plans to launch a new Tap to Pay feature for its iPhone that effectively turns the smartphone into a point-of-sale device for businesses and merchants.
A report by Cointelegraph on the matter reveals the possibility of using the new feature to make payments in cryptocurrency between businesses that accept Apple Pay.
We just introduced Tap to Pay on iPhone, a great way for millions of small businesses to accept contactless payments right from their iPhone. It’s simple, secure, and coming out later this year. https://t.co/w6P6oS7grm — Tim Cook (@tim_cook) February 9, 2022
According to Apple, the soon-to-be-launched Tap to Pay feature will expand support for “Apple Pay, contactless credit and debit cards, and other digital wallets.”
