Consumer-merchant mismatch slows down mainstream crypto adoption: Survey

2 years ago

A caller Crypto.com survey reveals a immense spread betwixt user request and merchant acceptance for crypto payments.

The concealed to fast-track cryptocurrency’s mainstream adoption lies wrong addressing a contradicted user request for crypto payments crossed concern verticals, reveals a caller survey.

In a survey participated by crypto speech Crypto.com’s 110,000 customers and implicit 1.5 cardinal Worldpay merchants, astir 60% of some merchants and customers shared their involvement successful crypto payments. However, the user request does not reciprocate the concern verticals that judge cryptocurrencies.

As evidenced above, the user request for crypto payments exceeds merchant availability crossed 4 large industries — travel, automotive, integer media and hospitality. The spread successful merchant availability poses a monolithic accidental to capitalize connected marketplace request for crypto payments.

On the different hand, industries with calmer markets specified arsenic luxury goods, retail and market and gaming show a bigger appetite for crypto acceptance. For example, luxury brands and retailers person started exploring nonfungible tokens (NFT) to authenticate their products portion being exposed to a caller lawsuit base.

As a nonstop effect of lawsuit request outweighing merchants for crypto payments, the survey reads:

“Because of this, 64% of Crypto.com’s customers are utilizing a prepaid paper successful bid to walk their holdings astatine businesses that bash not enactment a nonstop wallet transfer.”

Both consumers and merchants spot and similar to usage cryptocurrencies with the highest marketplace capitalization — Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and USD Coin (USDC).

Another consumer-merchant mismatch involves the penchant successful outgo mediums. While astir 70% of surveyed customers showed involvement successful in-store and online crypto payment, astir crypto-accepting businesses chose to judge crypto done e-commerce websites only.

Considering the gaps contempt the rising request from some merchants and consumers, the Crypto.com survey highlights the request for crypto acquisition and the evolving regulatory scenery to expedite merchant acceptance crossed the impeding concern verticals.

Apple precocious announced plans to motorboat a caller Tap to Pay diagnostic for its iPhone, which efficaciously turns the smartphone into a point-of-sale instrumentality for businesses and merchants.

A Cointelegraph study connected the substance discloses the anticipation of utilizing the upcoming diagnostic for making crypto payments crossed businesses accepting Apple Pay.

We conscionable introduced Tap to Pay connected iPhone, a large mode for millions of tiny businesses to judge contactless payments close from their iPhone. It’s easy, secure, and volition beryllium coming retired aboriginal this year. https://t.co/w6P6oS7grm

— Tim Cook (@tim_cook) February 9, 2022

According to Apple, the soon-to-be-launched Tap to Pay diagnostic volition widen enactment to “Apple Pay, contactless recognition and debit cards and different integer wallets.”

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