40% interested in paying with cryptocurrencies, accelerating adoption in e-commerce

A recent survey conducted by global payments provider Checkout.com showed that the number of people between the ages of 18 and 35 who plan to pay for goods and/or services with cryptocurrencies in 2022 jumped to 40%.

The report surveyed 30,000 consumers and 3,000 merchants in 11 countries. Titled “Demystifying Crypto: Shedding Light on Digital Currency Adoption for Payments in 2022,” the survey was presented at the Bitcoim 2022 conference in Miami on April 6.

According to those responsible for the survey, the results show a positive trend in the adoption and appetite for the use of digital currencies for e-commerce.

Cryptocurrencies as a means of payment

The study’s findings reveal that cryptocurrencies are rapidly gaining appeal among younger people. According to Checkout.com, this marks a substantial shift in how users view digital currencies.

Instead of being seen as just investment vehicles, they are increasingly being considered a means of payment.

Furthermore, the results show that consumers are at the forefront of online businesses. That’s because, on the merchant side, only 23% say they plan to offer crypto payments by 2024.

“This consumer openness to cryptocurrencies is driven by a broader appetite for convenient and secure payment methods. This is joined by more merchants and third parties providing the underlying infrastructure to support these methods,” Checkout.com said in a statement.

Cryptocurrencies in trade

Either way, cryptocurrencies are already having an impact on traders and the market in general.

In the first quarter of 2022, for example, $2.5 billion in payments were made via a Visa crypto card.

At the same time, merchants who have embraced cryptocurrency payments are already seeing net growth. In the survey, 82% of merchants said this allowed them to quickly attract new customers.

Yet, nearly 70% of merchants surveyed believe that the speed at which crypto payments can be made and settled has the potential to revolutionize their business models.

In this regard, more than 80% of traders say that it is easier to settle with crypto than with fiat currencies.

“We believe this is the largest consumer survey of its kind. And the results show a clear evolution of attitudes towards cryptocurrencies around the world. This is a legitimate transition from the early adoption phase to a more practical, pragmatic and overall positive one,” said Jess Houlgrave, Head of Cryptocurrency Strategy at Checkout.com.

As Houlgrave highlighted, this transition means there is a surge in demand for fintech companies that can provide easy-to-deploy solutions and services to get merchants up and running with cryptocurrency payment options.

About stablecoins

The report also noted that the growing acceptance of cryptocurrencies at the consumer level has begun to influence the way large corporations are working with digital currencies.

According to the survey, more than a third of participants want to keep stablecoins on their balance sheets.

Executives see this as a way to use decentralized funding for cash management.

“Some are even going so far as to plan to pay suppliers and employees in stablecoins. Mainly in response to the demand of these audiences. 51% of companies reported that at least some employees expressed an interest in getting paid in cryptocurrency.”

Finally, Houlgrave stressed that the crypto market is maturing, driven by utility, pragmatism and empowerment.

Checkout.com said it sees the cryptocurrency’s potential not to transform the way people transact. But also to potentially reinvent the dynamics of the entire digital economy.