While the market is stable, the crypto ecosystem continues to grow as merchants innovate and adopt cryptocurrency payments in their quest to acquire new customers.
Data platform PYMNTS has teamed up with Bitpay to survey merchants, in an effort to understand trends about what participants expect from digital currencies and their impact on payments and business.
In the report titled Paying with Cryptocurrency, the researchers found that among businesses with an annual revenue of $1 billion, 85% of them adopt crypto payments to find and acquire new customers. On the other hand, 82% of all merchants who participated in the survey cited the exclusion of cryptocurrencies for brokers as a reason to accept them as a payment method.
Apart from that, the results also showed that 77% of the merchants surveyed are also attracted to accepting cryptocurrencies due to the low transaction fees. According to the report, crypto transaction processing fees are around 1%. This is much lower than the usual 1.5% to 3.5% fee charged by other payment options such as credit cards.
While most of the report shows positive views of cryptocurrencies, some merchants report that technical barriers and challenges still stand in their way in adopting crypto payments. Among the merchants who do not accept cryptocurrency yet, 68% said this is due to the challenges they face in implementing the technology at checkout.
Related: Survey Shows Cryptocurrency Is More Popular Than Mutual Funds Among Millennials
Despite the crypto winter, a report published by Cointelegraph Research in June showed that a wide range of companies coming from different industries have already integrated cryptocurrency payment options. From entertainment platforms such as travel booking platforms, the crypto ecosystem continues to expand as global adoption progresses.
That same month, Ben Caslin, CEO of trading firm AAX, told Cointelegraph that despite the bear market, Bitcoin (BTC) adoption and the development of the Metaverse continued to progress. According to Caselin, this is a good opportunity for companies looking to take advantage of the crypto ecosystem.