Cryptocurrency payments could be the innovation companies are looking for. A recent survey by the Mercuryo payment network revealed that 57% of respondents believe that accepting payments in crypto would give businesses a competitive advantage. Among other standout statistics, more than a third of companies reported that their clients had requested to pay in Bitcoin (BTC), Ether (ETH), or another digital currency..
Right after the news that Dogecoin (DOGE) will be tested for Tesla merchandise payments and WhatsApp started testing payments with Meta’s Novi wallet, Mercuryo’s report highlights that retail payment services will continue to be a key driver of cryptocurrency adoption.
The report surveyed 501 senior financial decision makers in the UK. Almost half the sample size consisted of large companies employing more than 250 people. Of those surveyed, 40% are directors at the board or director level, while the rest are partners or business owners.
But nevertheless, the most important thing is that large companies can increasingly lead the way. On the results, Petr Kozyokov, CEO and co-founder of Mercuryo, told Cointelegraph:
“Our research highlights that 75% of large companies believe that cryptocurrencies will end up being integrated into all forms of financial services.”
Added that 72% of large companies in the payments sector consider cryptocurrencies to be the future of payments. More than 75% saw an increase in demand from their customers and providers to offer cryptocurrencies as a payment option.
In a series of interviews in The Times, smaller businesses such as electric bike retailers, shoe brands, and fintech startups have expressed their conviction for cryptocurrencies as an asset for businesses.. Although payments with Bitcoin and cryptocurrencies represent a small percentage of their total sales, they say that it is a growing and valued service.
Companies like Bitpay, Coinbase and Block are willing to facilitate the transition of companies towards accepting payments with cryptocurrencies. Still, it’s not as easy as getting your salary paid in crypto, which is a fast-growing trend and a magnet for attracting top talent in 2021.
According to Kozyokov, “building these complex cryptocurrency infrastructures internally usually takes years in some cases”. As with new technologies, “there are still application barriers that slow the pace of adoption.”
The report indicates that Lack of regulatory clarity in the market was cited by 33% of respondents as a barrier to entry, while 27% stated that vulnerability to scams is concerning, and 28% are concerned about fluctuations in the rate of change.
Although the market capitalization of cryptocurrencies has proven its worth, hovering above $ 2 trillion market capitalization for most of 2021, it is clear that educating traditional retailers on its use as a payment technology will still take some time. But nevertheless, As the industry has shown time and again, Kozyokov concludes, “it will be the first to move who will reap the rewards.”.
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