While cryptocurrency usage has increased significantly in recent years, new studies indicate that this is true not just for individual consumers, but also for eCommerce enterprises.
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, found that there are increasing positive trends in both adoption and appetite for using cryptocurrencies for eCommerce transactions.
Between February 2 and March 1, 2022, a total of 30,000 customers and 3,000 merchants in 11 countries were interviewed for the in-depth analysis, including the United States of America, the United Kingdom, France, Spain, Italy, Germany, the United Arab Emirates, Saudi Arabia, Hong Kong, Singapore, and Australia.
Jess Houlgrave, Checkout.com’s head of crypto strategy, stated: “We think this is the biggest consumer study of its type, and the results demonstrate a clear global trend toward positive sentiments of cryptocurrencies. This is a genuine movement from the first stages of adoption to a more realistic, pragmatic, and beneficial phase.”
According to the research, cryptocurrency is rapidly gaining popularity, particularly among younger demographics, with 40% of users between the ages of 18 and 35 reporting 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 utilized for daily trade. Last year, less than 30% of the same age group expressed support for cryptocurrency.
By 2024, a fifth of businesses will accept cryptocurrency
Additionally, the survey reveals that consumers are surpassing online companies, with just 23% of enterprises indicating a desire to accept cryptocurrencies as payment by 2024.
Consumers are increasingly seeking more convenient and secure payment methods, which has resulted in an increase in the usage of cryptocurrencies. This is followed by a surge of merchants and third-party suppliers of the underlying infrastructure required for such techniques to function.
As a result, shops and the market have already begun to experience the consequences of cryptocurrency. Visa‘s crypto-backed card cleared more than $2.5 billion in payments in the first quarter of 2022 alone.
Interestingly, retailers accepting bitcoin payments saw net new growth, with 82% indicating that these choices helped them swiftly acquire new consumers and demographics.
Finally, the survey observed that purchases were not the only area of development, with 51% of businesses reporting that at least some workers indicated an interest in being compensated in cryptocurrency.
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