In recent years, cryptocurrency has witnessed a significant adoption, and both individual consumers and eCommerce enterprises embrace this new form of payment.
Indeed, Checkout.com’s new report, “Demystifying Crypto: Shedding Light on the Adoption of Digital Currencies for Payments in 2022,” released today (April 6) at the Bitcoin 2022 conference in Miami, revealed that there are rising positive trends in embracing cryptos for eCommerce transactions.
Between February 2 and March 1, 2022, a total of 30,000 clients and 3,000 merchants in 11 nations from the U.S, the UK, France, Spain, Italy, Germany, the United Arab Emirates, Saudi Arabia, Hong Kong, Singapore, and Australia, were interviewed for the in-depth analysis.
Jess Houlgrave, Checkout.com’s head of crypto strategy, said, “We believe this is the largest consumer survey of its kind. 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 are interested in crypto payments
According to the research, cryptocurrency is exploding into popularity, particularly among younger demographics. Remarkably, 40% of users aged 18 and 35 showed an interest in and intention to use cryptocurrencies to pay for items or services within the next year.
Notably, there has been a sea change in perceptions about cryptocurrencies, from being seen only as an investment instrument to being utilised for daily trade. Last year, less than 30% of the same age group expressed support for cryptocurrency.
By 2024, a quarter of merchants will accept cryptocurrency.
Many businesses are accepting cryptocurrencies as a form of payment. Image credit: Unsplash
Additionally, the survey reveals that consumers surpass online companies, with just 23% of enterprises indicating a desire to accept crypto as a form of payment by 2024.
Consumers are increasingly seeking more convenient and secure payment methods, which has increased the usage of cryptocurrencies. This is followed by a surge of merchants and third-party suppliers of the underlying infrastructure required to bolster such methods.
As a result, retailers and the market have already begun to experience the impacts of cryptocurrency. Visa’s crypto-backed cards are currently processing up to $2.5 billion in payments in the first quarter of 2022 alone.
Interestingly, retailers accepting bitcoin payments saw net new growth, with 82% saying that these methods helped them swiftly acquire new clients and demographics.
Finally, the study highlighted that purchases were not the only area of development, with 51% of businesses reporting that at least some workers were interested in receiving salaries in cryptocurrency.
