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Thursday, December 8, 2022

85% of merchants see crypto payments as a way to reach new customers: Survey

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While the market goes regular, the crypto ecosystem continues to develop as merchants innovate and undertake cryptocurrency payments of their quest to acquire new prospects. 

Data platform PYMNTS collaborated with Bitpay to survey merchants, in an try to perceive the traits on what the members anticipate from digital currencies and their impact on payments and companies. 

In the report titled “Paying With Cryptocurrency,” the researchers found that amongst companies with an annual revenue of $1 billion, 85% are adopting crypto payments to discover and acquire new prospects. On the opposite hand, 82% of all of the merchants who participated within the survey cited crypto’s elimination of middlemen as their purpose for accepting it as a cost technique.

Apart from these, the outcomes additionally confirmed that 77% of the surveyed merchants are additionally drawn to accepting crypto as a result of of decrease transaction charges. According to the report, the charges for processing crypto transactions are round 1%. This is far decrease than the standard charges from 1.5% to 3.5% charged by different cost choices like bank cards.

While most of the report reveals optimistic views on crypto, some merchants report that technical obstacles and challenges nonetheless get of their way of adopting crypto payments. Of the merchants that don’t settle for crypto but, 68% stated that it is because of the challenges that they face within the implementation of the expertise on the checkout.

Related: Crypto more popular than mutual funds among millennials, survey shows

Despite the crypto winter, a report printed by Cointelegraph Research in June confirmed that a big selection of corporations coming from numerous industries has already integrated crypto payment choices. From leisure platforms like to journey reserving platforms, the crypto ecosystem continues to increase as international adoption progresses.

In the identical month, Ben Caselin, an govt at buying and selling agency AAX, instructed Cointelegraph that regardless of the bearish market, Bitcoin (BTC) adoption and Metaverse development continues to advance. According to Caselin, that is a good alternative for companies who’re wanting to faucet into the crypto ecosystem.