The report, Demystifying Crypto: Shedding light on the adoption of digital currencies for payments in 2022, finds that 30% of UK consumers intend to use crypto as a form of payment in 2022, increasing to 40% when looking at respondents globally. Almost 28% of UK consumers believe that crypto should be seen as a form of currency, rather than just an investment asset, as 45% say they trust brands who accept crypto payments.
The company independently surveyed a total of 30,000 consumers and 3,000 merchants in 11 countries, looking at behaviours and sentiments regarding commercial activity using cryptocurrencies. The first chapter of the report hones in on the specific trends in the 18-35 year old age bracket, of which there were 16,000 participants, and sees consumers pacing ahead of online businesses, only 23% of which say they are planning to offer crypto payment as a method of payment by 2024.
The appetite for more convenient, safer payment methods is matched by more merchants and third parties providing the underlying infrastructure to support those methods. As a result, crypto is already having a material impact on merchants and the market overall. More than USD 2.5 billion worth of payments were made through Visa’s crypto-backed card in the first fiscal quarter of 2022 alone, and merchants that adopted cryptocurrency payments experienced net-new growth.
Almost 70% of the merchants surveyed believe that the speed with which crypto payments can be made and settled has the potential to revolutionize their business models, with over 80% of merchants with existing crypto payment options saying it was easier to settle than using fiat currencies.
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