Cryptocurrency adoption has had a significant rise in recent times, but the latest studies reveal that this is not just true for individual users, but also for eCommerce businesses as well.
Indeed, global payments solution provider Checkout.com’s new report, released today (April 6) at the Bitcoin 2022 conference in Miami, “Demystifying Crypto: Shedding light on the adoption of digital currencies for payments in 2022,” found that there are increasing positive trends in both the adoption and the appetite for using cryptocurrencies for eCommerce transactions.
A total of 30,000 customers and 3,000 merchants in 11 countries were interviewed for the in-depth analysis, from US, UK, France, Spain, Italy, Germany, UAE, Saudi Arabia, Hong Kong, Singapore, and Australia between February 2 and March 1, 2022.
Head of strategy for crypto at Checkout.com, Jess Houlgrave said:
“We believe this is the largest consumer survey of its kind, and the findings present a clear evolution of attitudes towards cryptocurrencies around the world. This is a legitimate transition from the early adoption phase to one that’s more practical, pragmatic and positive overall.”
40% of users aged 18-35 express interest paying in crypto
According to the data, cryptocurrency is quickly rising in popularity among younger demographics in particular, with 40% of users between the ages of 18 and 35 expressing interest in and intending to use cryptocurrencies to pay for products or services within the next year.
Notably, there has been a significant movement in attitude toward cryptocurrency from being seen simply as an investment vehicle to one that is used to conduct everyday commerce. Last year, fewer than 30% of the same age bracket were in favor of cryptocurrencies.
A quarter of merchants willing to accept crypto by 2024
Whatsmore, the report also finds that consumers are outpacing online firms, with just 23% of businesses stating that they want to accept cryptocurrency as a form of payment by 2024.
There is a growing desire among consumers for more convenient and secure payment options, which has led to a rise in the use of cryptocurrencies. This is followed by an increase of merchants and third-party providers of the underlying infrastructure necessary to support such methods.
Consequently, retailers and the market are already feeling the effects of crypto. In the first quarter of 2022 alone, Visa’s crypto-backed card processed more than $2.5 billion in payments.
Interestingly, merchants who accepted cryptocurrency payments saw net new growth, with 82% reporting that these options helped them quickly attract new customers and reach new demographics.
Finally, the study noted that purchases were not the not the only growth as 51% of companies reported that at least some employees had expressed an interest in being paid in crypto.