The cryptocurrency market has been in a bearish state for most of the year. However, the declining cryptocurrency prices do not seem to be deterring investments in the space.
A recent survey by BitPay and PYMNTs involving 2334 consumers and 202 merchants showed increased interest by merchants to accept cryptocurrencies and expand their crypto payments options.
85% of merchants want to adopt crypto
The survey found that 85% of merchants were interested in accepting cryptocurrencies to access new customers. 82% of the merchants also said they wanted to accept cryptocurrencies to eliminate intermediaries.
Some merchants were also interested in having crypto as a payment option to expand their business operations. 60% of the merchants said they were interested in fostering cross-border payments by embracing crypto.
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The reasons for accepting cryptocurrencies were also different depending on the size of the business. Merchants running small businesses were interested in cryptocurrencies to foster cross-border payments. These were the businesses with revenues of below $250 million.
There were also other top reasons why merchants accepted cryptocurrencies. The other reason that the merchants provided was that they wanted to attract new customers. They also wanted to eliminate the need for intermediaries and record fewer transactions. These were the top reasons why 40% of the merchants who generated small revenues wanted to adopt cryptocurrencies.
On the other hand, the merchants that generated the largest revenues also said they wanted to adopt cryptocurrencies to attract new customers and eliminate intermediaries. The ability of cryptocurrencies to facilitate cross-border transactions was the third reason why many merchants wanted to have a crypto option on their checkout page.
Merchants recognize challenges to crypto adoption
Most merchants also admitted that while there were benefits to adopting cryptocurrencies as a payment method, major obstacles needed to be overcome. Cryptocurrencies are still a new asset class; hence many customers do not have adequate knowledge of how to interact with these assets to facilitate checkouts.
Some factors that prevented merchants from endorsing cryptocurrencies include challenges with using some of the best crypto apps, such as crypto wallets. Moreover, 66% of the merchants said that the crypto space was highly volatile, while 56% said there were difficulties in tracking digital asset payments, making their use challenging.
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