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60% of Merchants are Willing to Use Crypto for Payment in 2022

60% of Merchants are Willing to Use Crypto for Payment in 2022

Kavya Barua

Kavya Barua is a voracious learner captivated by crypto and Fintech breakthroughs. Graduated from the University of Delhi's B.A (Hons) English program at Janki Devi Memorial College. She desires to be a successful professional with a strong interest in learning and accomplishing outcomes.

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FIS, a leading global finance company, has launched a survey collaborating with Crypto.com on customers’ thinking process about cryptocurrencies as a medium of exchange. In 2022, there is a lot of interest shown from both merchants and customers to use crypto for payment. 

Bitcoin is the most searched term related to crypto-business. You can use your search engine to look for the term ‘Bitcoin’ and unravel innumerable discussions, essays, and various types of articles on it.  It is reasonable to state that Bitcoin is the world’s most popular and in-demand cryptocurrency. Furthermore, Bitcoin is consider as the safest investment choice in the crypto business.

An interesting fact shows that – “ By the end of 2030, banks will save $27 billion through blockchain adoption.”

In 2022, Consumers are ‘Hungry’ to Use Crypto for Payment

According to the “Crypto for Payments” report, there is a tenfold gap between customers and firms trading in cryptocurrency. While 40% of customers want to use their cryptocurrency to make purchases, just 4% of shops accept it. 

In contrast, 60 percent of buyers and retailers expressed interest in using/accepting cryptocurrency this year.

As a result, options such as Visa and Mastercard’s prepaid cryptocurrency cards have arisen. Users can now load these cards with cryptocurrency and use them to make purchases everywhere payment provide accept conventional credit cards. Each will convert customers’ money to fiat currency on the back ed=nd before depositing them into the merchant’s account. 

Currently, 65 percent of crypto.com members utilize the crypto.com Visa card, highlighting strong customer demand for cryptocurrency purchases.

The report primarily examined 110,000 Crypto.com consumers and 1.5M+ FIS retailers using WorldPay. According to similar research performed by Visa, 25% of small company owners are willing to accept/ use crypto for payment this year.

Where is Interest Most Concentrated?

Unsurprisingly, the survey discovered that shops prefer to take USDC and large-cap cryptos as payment. Customers felt the same way, but they are more interested in utilizing crypto.com’s native Cronos currency – but this is most likely due to biassed sampling.

Among industries, retailers of luxury items expressed a strong interest in accepting crypto as payment (80 percent). Customer interest were evenly segregated across market sectors, increasing interest in utilizing cryptocurrency for travel.  In that domain, though, merchants were the least accomodative.

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