While the cryptocurrency market is experiencing a decline, the adoption of digital assets and the crypto ecosystem continue to grow even despite the decrease in interest in cryptocurrencies.
This is because merchants are innovating and adding cryptocurrency payments as a means of payment in their quest to attract new customers.
This is indicated by the data platform PYMNTS, which, in cooperation with BitPay, conducted a survey of 2,334 consumers, studying what consumers and sellers expect from digital currencies.
202 merchants with annual online sales of at least $250 million were also interviewed about their experience of accepting cryptocurrency as a payment method.
Paying With Cryptocurrency
In a report titled "Paying With Cryptocurrency," researchers concluded that among companies with annual revenue of $1 billion, 85% use crypto payments to find and attract new customers.
At the same time, 82% of all merchants who took part in the survey think that the elimination of intermediaries is the important reason for using digital assets as a payment method.
Among the reasons for the acceptance of digital assets, 77% of the surveyed merchants noted lower commissions when making cryptocurrency transactions.
According to the submitted report, the commission for processing crypto transactions is about 1%. This is much lower than the usual 1.5% to 3.5% fees charged when using credit cards.
However, the surveyed users also noted disadvantages of cryptocurrencies. Among merchants who do not accept cryptocurrency yet, 68% said that problems with the introduction of technology for accepting payments from cryptocurrency wallets at the checkout are an important factor in their decision not to accept this payment method.
For some merchants, cryptocurrency is too complex and incomprehensible technology and they do not dare to accept it.
The increase in the adoption and use of digital assets around the world cannot be stopped even by the crypto winter that has come to the crypto currency market.
A wide range of companies from various industries have already integrated different options for using crypto payments.
The areas of work of these companies are very diverse - from entertainment platforms, such as travel booking platforms, to shops selling various goods. The crypto ecosystem continues to expand with global adoption.
Technology cannot be stopped and the constant increase in the number of stores accepting digital assets, even despite the decline of the cryptocurrency market, clearly shows this.