40% of users are interested in paying with cryptocurrencies, which speeds up acceptance in e-commerce – survey

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

The survey involved 30,000 consumers and 3,000 traders in 11 countries. The survey was presented at the Bitcoin 2022 conference in Miami. According to Checkout.com, the results show a positive trend in adoption and a desire to use digital currencies in e-commerce.

Cryptocurrency payments are gaining in popularity

The study’s findings reveal that cryptocurrencies are rapidly gaining in attractiveness among younger people. According to Checkout.com, this represents a significant shift in the way users view digital currencies. Instead of being perceived as just investment instruments are increasingly considered a means of payment.

The results show that the interest in cryptocurrency payments is significantly higher among consumers. On the part of merchants, only 23% stated that they plan to offer cryptopay by 2024.

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

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

For example, in the first quarter of 2022, $ 2.5 billion in payments were made through Visa cryptocards. At the same time, merchants accepting cryptocurrency payments are already growing. In the survey, 82% of retailers said it allows them to quickly attract new customers.

Nearly 70% of traders surveyed believe that the speed with which cryptocurrencies can be made and settled has the potential to change their business models.

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

“We believe this is the largest consumer survey of its kind. And the results show a clear evolution of attitudes to cryptocurrencies around the world. It’s a legitimate transition from early adoption to a more practical, pragmatic and generally positive adoption, “said Jess Houlgrave, cryptocurrency strategy manager at Checkout.com.

He stressed that this transition means an increase in demand for fintech companies that can provide easy-to-implement solutions and services that will allow merchants to make these payment options operational.

About stablecoins

The report also noted that growing consumer acceptance of cryptocurrencies began to affect the way large corporations work 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 financing for cash management.

“Some even go so far as to plan to pay suppliers and employees at stablecoins, especially in response to demand. 51% of companies stated that at least some employees were interested in paying in the cryptocurrency.

In the end, Houlgrave emphasized that the cryptoworld is maturing, driven by utility and pragmatism. He also said that sees the potential of cryptocurrencies not only to change the way people trade, but also the potential to change the dynamics of the whole digital economy.