While the market remains stable, the crypto ecosystem continues to grow as merchants innovate and implement crypto payments in their quest to attract new customers.
Data platform PYMNTS partnered with Bitpay to survey merchants in an attempt to understand trends in what members expect from digital currencies and their impact on payments and business.
In a report titled “Cryptocurrency Payments,” the researchers found that among businesses with $1 billion in annual revenue, 85% use cryptocurrency payments to find and acquire new customers. On the other hand, 82% of all merchants who took part in the survey cited the elimination of intermediaries with cryptocurrency as a reason for accepting it as a payment method.
Apart from this, the results also showed that 77% of the merchants surveyed also tend to accept cryptocurrency due to lower transaction fees. According to the report, the processing fee for cryptocurrency transactions is about 1%. This is much lower than the usual 1.5% to 3.5% fees charged by other payment methods such as credit cards.
While most of the report shows a positive outlook for crypto, some merchants report that technical barriers and issues continue to prevent them from accepting crypto payments. Of the merchants who are not yet accepting crypto, 68% said it is due to the challenges they face in implementing the technology at the checkout.
Related: Crypto More Popular Than Mutual Funds Among Millennials, Survey Shows
Despite the crypto winter, a report published by Research in June showed that a wide range of companies from different industries have already integrated crypto payment options. From entertainment platforms to travel booking platforms, the crypto ecosystem continues to expand with global adoption.
That same month, Ben Caselin, head of trading firm AAX, told that despite the bear market, Bitcoin (BTC) adoption and development of Metaverse continues to move forward. According to Caselin, this is a good opportunity for companies that want to connect to the crypto ecosystem.