- According to the study Crypto for Payments Report compiled by Crypto.com, more than 75% of buyers would prefer to use cryptocurrencies as a payment method for their goods or services.
- This study also revealed that 60% of merchants would like to be able to accept payments in crypto.
- For this survey, 110,000 users of the platform and more than 1.5 million store owners were interviewed.
As Bitcoin (BTC) and cryptocurrencies are increasingly understood, both in uses and technology, and as their access and handling are simplified with the passing of days, they are tending to be the favorites of buyers and stores. At least, within that population that embraces the use of new technologies.
This, at least, is what the figures published by the second largest crypto exchange reveal, Crypto.com, after have conducted a survey of 110,000 users of the platform, more than 1.5 million store owners for study Crypto for Payments Report .
Users prefer crypto to pay
The results were that andl 75% of users interviewed are willing to use cryptocurrencies as a payment method for the acquisition of its goods and services.
Of these 110,000 people surveyed 40% have already used cryptocurrencies to buy something or service while 60% intend to do so within a period not exceeding 1 year.
On the store owners’ side, the 60% of the 1.5 million store owners surveyed by FIS are interested in accepting cryptocurrencies within their establishmentyes
However, currently only 4% of retail stores have adopted BTC and other cryptos as a payment method. While, 60% of those 1.5 million intend to do so within a year or less. The rest, or 36%, are only interested but have no plans in the medium or short term to implement cryptocurrency payments within their businesses.
A gap between demand and supply
Although the figures seem encouraging for the adoption of cryptocurrencies, it is necessary to take the figures provided by Crypto.com and study the gap between the demand for stores that accept Bitcoin or other cryptocurrencies vs. establishments that actually accept them.
With this in mind we can highlight that while 40% of surveyed users are already using crypto as a payment method, only 4% of stores are receiving it.
Therefore, we would be talking about a small number of stores receiving a large amount of cryptocurrencies from users.
“With the current limited, or no, ability to make direct transfers from consumers’ crypto wallets to merchants. Customers are usually forced to convert cryptocurrencies into fiat money before making purchases”, can be read in the results published by Crypto.com.
On the other hand, users may have unsatisfied needs by not finding a sufficient supply of stores that accept cryptos as a payment method compared to demand.
The result? There is a large market niche for owners of establishments, physical or e-commerce to accept cryptocurrencies in the short term.
“Merchants have a clear opportunity to increase their market niche, reduce the costs of traditional payment services and reduce transaction fees,” said the crypto exchange.
Furthermore, the figures also show that the said gap between the supply and demand of cryptocurrencies as a payment method will tend to shrink massively in the short term, as the supply and demand figures are equalized at 60%.
But, looking at the total figure, we can see that the gap will continue to exist since 75% of users will face only 60% of stores that accept Bitcoin as payment for their goods or servicesyes
Which sector has the greatest amount of demand?
As the world of commerce becomes more digital and less physical, there are more and more preferences for online shopping. Store owners or managers will have less and less trouble integrating cryptocurrency payments into their existing traditional methods.
With this in mind, currently, which sector with online stores is receiving the most attention from users vs. the offer that exists?
As we can see, there are gaps between supply and demand that go for or against users or businesses.
According to the Crypto.com survey shows that it is the travel sector (trains, planes or land transport) is the one that presents the greatest amount of demand by users, however, the sector has not yet reacted to user demand.
The opposite occurs in the luxury sector, where stores are willing to accept Bitcoin (BTC) as a payment method, while user demand has not responded.
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