In a report titled “Paying With Cryptocurrency,” a company tracked down that among businesses with a yearly pay of $1 billion, 85% are embracing crypto payments to find and acquire new customers. Then again, 82% of the dealers who were a part of the survey referred to crypto’s ability to cut out middlemen as their justification behind tolerating it as a payment method.
While the market goes consistent, the crypto sector keeps on growing as businesses innovate and take on cryptocurrency payments in their journey to acquire new customers.
Data analytics platform PYMNTS teamed up with Bitpay to survey traders, trying to comprehend the trends on what the members anticipate from digital currencies and their impact on payments and businesses.
While the greater part of the report shows uplifting outlooks on crypto, a few merchants report that technical boundaries actually impede them from embracing crypto payments. Of the traders that don’t acknowledge crypto yet, 68% said that this is a result of the challenges that they face in the execution of technology.
Many companies coming from different sectors have proactively made crypto their payment choice. Social media platforms, entertainment platforms, booking platforms, etc. have been a part of the crypto environment which keeps on extending as worldwide crypto adoption advances.
A top boss at a crypto exchange firm called AAX, Ben Caselin opined that the bearish market will not affect the adoption of Bitcoin (BTC) as the development of Metaverse continues to advance. According to Caselin, this is a good opportunity for businesses who are looking to tap into the crypto sector.
The results likewise showed that 77% of the surveyed dealers are additionally attracted to adopting crypto due to lower transaction fees. As indicated by the report, the fees for handling crypto transactions are around 1%, which is a lot lower than the typical fees from 1.5% to 3.5% charged by other payment options like credit cards.