It looks like crypto payments are going to be a huge business with a bright future.
Crypto Payments can be a sought-after innovative company. A recent survey by the Mercuryo Payments Network found that 57% of respondents believed that accepting payments in cryptocurrency would give businesses a competitive advantage. Among other remarkable statistics, more than a third of company’s state that customers have requested to pay in Bitcoin (BTC), Ether (ETH), or other digital currency.
Following news that Dogecoin (DOGE) will seek to pay for Tesla goods and WhatsApp has started testing payments with the New Meta Wallet, Mercuryo's report emphasizes that retail payment services will continue to be a key driver of cryptocurrency adoption. The report examined 501 senior financial decision makers in the UK. Nearly half of the sample consisted of large companies with more than 250 employees. 40% of respondents come from the board of directors or management, the rest are partners or business owners.
However, it is critical that large companies increasingly take on a pioneering role. Of the results, Petr Kozyakov, CEO and Co-Founder of Mercuryo, said: “Our study emphasizes that 75% of all large companies believe that cryptocurrencies will someday be integrated into all forms of financial services. He added that 72% of large companies in the payments sector see cryptocurrency as the future of payments. Over 75% see increased demand from customers and suppliers to offer cryptocurrency as a payment option.
In a series of interviews with The Times, small companies such as e-bike retailers, shoe brands and fintech startups expressed their belief in cryptocurrencies as a corporate asset. Even though bitcoin and cryptocurrency payments make up a small percentage of their total sales, they say it's a growing and valued service. Companies like BitPay, Coinbase, and Block are available to help companies transition to accepting cryptocurrency payments. However, getting paid in cryptocurrency is not that easy – a fast growing trend and a magnet to attract the best talent in 2021.
According to Kozyakov, building this complex cryptocurrency infrastructure in companies often takes years in some cases. As with any new technology, "there are still implementation barriers that are slowing the rate of adoption". According to the report, 33% of respondents cited the lack of clear regulatory clarity in the market as a barrier to entry, while 27% cited their vulnerability to fraud as a concern and 28% worried about exchange rate fluctuations.
While the cryptocurrency market cap has proven to be worth more than $2 trillion for most of 2021, it is clear that it will take some time to train traditional retailers in its use as a payment technology. However, with the industry proving itself time and time again, Kozyakov concludes: "The first one wins the prize."