Crypto Payments Will Drive Crypto Adoption, New Report Reveals

According to a new study, more than half of Americans believe that using crypto payment provides firms a competitive advantage.

57% Want Bitcoin Payment

According to a recent survey conducted by payment network Mercuryo, 57% of respondents felt that taking bitcoin payments will provide businesses a competitive advantage. More than a third of businesses indicated that consumers had asked to pay in Bitcoin (BTC), Ether (ETH), or another digital money, among other facts.

Customers agreed, with 58% of shoppers wanting cryptocurrencies to be accepted as a form of payment, according to Mercuryo’s research. It should come as no surprise that calls for crypto payment acceptance are increasing, given that a third (34%) of UK finance organizations currently make payments via the blockchain.

In order to compile the report, 501 key financial decision makers in the United Kingdom were polled. Large enterprises employing more than 250 employees made up over half of the sample size. 40% of the responders are board or director-level executives, with the rest being partners or business owners.

The recent announcement that Visa is introducing its own crypto consultancy service to help clients navigate the world of cryptocurrencies reflects this need. With fintechs clamoring to leverage crypto technology, important industry players like Revolut are already considering launching their own crypto exchange to widen their offering, indicating a potential new era for the widespread acceptance of digital currencies within the financial services environment.

Petr Kozyokov, CEO and Co-Founder of Mercuryo, said:

“Our research shows that 75% of all large companies believe that cryptocurrencies will at some point be integrated into all forms of financial services.”

BTC trades at $48k. Source: TradingView

Related article | Croatia’s Largest Supermarket Chain Rolls Out Bitcoin Payments

Small Businesses Believe Crypto Payments Will Replace Fiat

Smaller firms, such as e-bike sellers, shoe makers, and fintech startups, have stated their conviction in cryptocurrencies as a corporate asset in a series of interviews on The Situations. Despite the fact that bitcoin and cryptocurrency payments account for a small portion of their total sales, they claim it is a growing and valuable service.

Bitpay, Coinbase, and Block, for example, are always willing to assist businesses in making the shift to taking cryptocurrency payments. However, getting your paycheck isn’t as simple as it is with cryptocurrency — a fast-growing trend that will attract top personnel in 2021.

“Internal construction of these complex crypto infrastructures often takes years,” Kozyokov noted. “There are still barriers to implementation that are slowing the pace of adoption,” as with new technology.

Small business owners aren’t afraid to admit that they believe digital assets will play a role in their operations in the coming years. Although only a tiny percentage of them already accept Bitcoin, the majority believe that other types of assets will be accepted in the next years. The majority of cryptocurrency exchanges are currently being used to help with crypto payments.

According to the research, 33 percent of respondents said a lack of clear regulatory clarity in the market is a barrier to participation, while 27 percent said scams are a concern, and 28 percent are concerned about exchange rate volatility.

Related article | Calls For Tesla To Resume Bitcoin Payments As Mining Reaches 57% Renewable Energy

Featured image from Shutterstock. Chart from TradingView

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