According to a new survey conducted by Crypto.com, there is a significant disparity between customer desire and merchant acceptance of cryptocurrency payments.
According to a new survey, the key to accelerating cryptocurrency’s mainstream adoption is to meet a contradictory consumer desire for crypto payments across industry verticals.
Approximately 60% of both merchants and customers expressed interest in crypto payments in a research involving Crypto.com’s 110,000 customers and over 1.5 million Worldpay merchants. Consumer demand, on the other hand, does not match the desire of businesses that accept cryptocurrency.
Consumer demand for crypto payments outnumbers merchant availability in four major industries: travel, automobile, digital media, and hospitality, as seen above. The lack of merchant availability presents a huge opportunity to cash in on the growing demand for cryptocurrency payments.
Industries with calmer marketplaces, such as luxury products, retail and food, and gaming, on the other hand, show a greater thirst for crypto acceptance. Luxury companies and shops, for example, have begun to investigate nonfungible tokens (NFT) as a way to validate their items while reaching a new customer base.
According to the report, client desire for crypto payments outnumbers merchant demand:
“As a result, 64 percent of Crypto.com consumers use a prepaid card to spend their funds at establishments that do not accept direct wallet transfers.”
Consumers and merchants alike trust and prefer to utilise the most valuable cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and USD Coin (USDC).
Another example of a consumer-merchant mismatch is the desire for payment methods. While over 70% of customers expressed interest in both in-store and online crypto payment, the majority of crypto-accepting firms have chosen to accept crypto exclusively through e-commerce websites.
The Crypto.com poll underlines the need for crypto education and the developing regulatory landscape to speed merchant acceptance across the main business verticals, despite increased demand from both merchants and consumers.
Apple recently revealed plans to provide a new Tap to Pay feature for the iPhone, basically transforming the phone into a point-of-sale device for companies and merchants.
According to a report by users will be able to use the future functionality to make crypto payments at establishments 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 easy, secure, and will be coming out later this year. https://t.co/w6P6oS7grm
— Tim Cook (@tim_cook) February 9, 2022
Apple’s soon-to-be-released Tap to Pay feature will support “Apple Pay, contactless credit and debit cards, and other digital wallets,” according to the company.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
