New research released by leading specialised payments platform Paysafe reveals how retailers may be missing out by not accepting payments in crypto. A staggering 80% of crypto owners want to pay for goods with their crypto balances but are held back by a lack of cryptocurrency acceptance at the point of sale.
This growing consumer demand for crypto payment acceptance by retailers and brands is highlighted in a new study* of 3000 crypto holders (1000 UK, 2000 US) from Paysafe. With Insider Intelligence predicting that 33.7 million US adults will own at least one cryptocurrency by the end of 2022 and a recent HMRC report in the UK claiming that 5 million Brits now own cryptocurrency, (with 52% holding up to £1000), accepting crypto at the checkout could potentially release as much as millions of untapped revenue for retailers in an increasingly challenging economic environment.
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Findings showed that current crypto holders most wanted to spend their crypto on ‘big ticket’ items, with ‘treats for themselves’ (75%), ‘cars’ (74%) and ‘property’ (74%) topping the purchase wish list.
The majority are optimistic that they won’t have to wait long to go shopping. 91% of those holding crypto believe online payment by crypto will be as common as paying by card or contactless, with 59% hoping this will happen within 5 years. 88% believe this will also be the case for in store payments, with 47% hopeful that this will happen within 5 years.
“Crypto asset holders are convinced that crypto is the future of payments and understand that it is here for the long-term. With this positive outlook for the growing popularity of crypto payments in spite of the current market volatility, retailers that are innovative and forward thinking enough to be among the first to accept crypto could gain competitive advantage, increased brand awareness and market share,” said Elbruz Yilmaz, SVP of Crypto, Paysafe.
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“Being one of the first retailers or brands to do this has clear advantages, but it’s critical it is done right. As a globally-recognised market leader with over twenty years of experience in payments, deep crypto expertise, and the ability to scale at speed, Paysafe is uniquely positioned to enable seamless and compliant digital asset transactions for both businesses and consumers.”
The full research report, including additional data and insights into consumer attitudes towards crypto, is set to be released later this year.