Consumer-merchant mismatch slows down mainstream crypto adoption: Survey


The secret to fast-track cryptocurrency’s mainstream adoption lies within addressing a contradicted consumer demand for crypto payments across business verticals, reveals a new survey. In a study participated by crypto exchange Crypto.com’s 110,000 customers and over 1.5 million Worldpay merchants, roughly 60% of both merchants and customers shared their interest in crypto payments. However, the consumer demand does not reciprocate the business verticals that accept cryptocurrencies. Industry appetite for crypto payments. Source: Crypto.comAs evidenced above, the consumer demand for crypto payments exceeds merchant availability across four major industries — travel, automotive, digital media and hospitality. The gap in merchant availability poses a massive opportunity to capitalize on market demand for crypto payments.On the other hand, industries with calmer markets such as luxury goods, retail and grocery and gaming display a bigger appetite for crypto acceptance. For example, luxury brands and retailers have started exploring nonfungible tokens (NFT) to authenticate their products while being exposed to a new customer base.As a direct result of customer demand outweighing merchants for crypto payments, the survey reads:“Because of this, 64% of Crypto.com’s customers are using a prepaid card in order to spend their holdings at businesses that do not support a direct wallet transfer.”Both consumers and merchants trust and prefer to use cryptocurrencies with the highest market capitalization — Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and USD Coin (USDC).Preference of crypto tokens for payments. Source: Crypto.comAnother consumer-merchant mismatch involves the preference in payment mediums. While roughly 70% of surveyed customers showed interest in in-store and online crypto payment, most crypto-accepting businesses chose to accept crypto through e-commerce websites only.Considering the gaps despite the rising demand from both merchants and consumers, the Crypto.com survey highlights the need for crypto education and the evolving regulatory landscape to expedite merchant acceptance across the impeding business verticals.Related: Upcoming Apple iPhone feature to give merchants a way to accept crypto paymentsApple recently announced plans to launch a new Tap to Pay feature for its iPhone, which effectively turns the smartphone into a point-of-sale device for businesses and merchants.A Cointelegraph report on the matter discloses the possibility of using the upcoming feature for making crypto payments across businesses accepting Apple Pay.We just introduced Tap to Pay on iPhone, a great way for millions of small businesses to accept contactless payments right from their iPhone. It’s easy, secure, and will be coming out later this year. https://t.co/w6P6oS7grm— Tim Cook (@tim_cook) February 9, 2022

According to Apple, the soon-to-be-launched Tap to Pay feature will extend support to “Apple Pay, contactless credit and debit cards and other digital wallets.”

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 42,286.33
ethereum
Ethereum (ETH) $ 2,230.13
tether
Tether (USDT) $ 0.999903
bnb
BNB (BNB) $ 230.99
xrp
XRP (XRP) $ 0.613232
solana
Solana (SOL) $ 60.50
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,225.21
cardano
Cardano (ADA) $ 0.401894
dogecoin
Dogecoin (DOGE) $ 0.089699
tron
TRON (TRX) $ 0.103061
chainlink
Chainlink (LINK) $ 15.51
the-open-network
Toncoin (TON) $ 2.40
avalanche-2
Avalanche (AVAX) $ 22.25
matic-network
Polygon (MATIC) $ 0.796181
polkadot
Polkadot (DOT) $ 5.60
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 42,256.32
shiba-inu
Shiba Inu (SHIB) $ 0.000009
litecoin
Litecoin (LTC) $ 72.30
dai
Dai (DAI) $ 0.996491
bitcoin-cash
Bitcoin Cash (BCH) $ 242.14
uniswap
Uniswap (UNI) $ 6.21
leo-token
LEO Token (LEO) $ 3.72
okb
OKB (OKB) $ 57.53
stellar
Stellar (XLM) $ 0.120437
monero
Monero (XMR) $ 169.66
kaspa
Kaspa (KAS) $ 0.140640
ethereum-classic
Ethereum Classic (ETC) $ 19.95
true-usd
TrueUSD (TUSD) $ 0.997925
cosmos
Cosmos Hub (ATOM) $ 9.68
crypto-com-chain
Cronos (CRO) $ 0.095316
internet-computer
Internet Computer (ICP) $ 5.04
near
NEAR Protocol (NEAR) $ 2.21
filecoin
Filecoin (FIL) $ 4.63
hedera-hashgraph
Hedera (HBAR) $ 0.064716
lido-dao
Lido DAO (LDO) $ 2.34
aptos
Aptos (APT) $ 7.44
bittensor
Bittensor (TAO) $ 331.09
thorchain
THORChain (RUNE) $ 6.38
immutable-x
Immutable (IMX) $ 1.44
vechain
VeChain (VET) $ 0.024771
mantle
Mantle (MNT) $ 0.574287
blockstack
Stacks (STX) $ 1.22
binance-usd
BUSD (BUSD) $ 1.00
optimism
Optimism (OP) $ 1.75
quant-network
Quant (QNT) $ 101.09
the-graph
The Graph (GRT) $ 0.152275
aave
Aave (AAVE) $ 96.74
arbitrum
Arbitrum (ARB) $ 1.07
terra-luna
Terra Luna Classic (LUNC) $ 0.000231