Cryptorefills' Consumer Report explores crypto payment adoption

Specifically, the report comprises an extensive analysis featuring over 80 detailed data tables and charts, and it includes an examination of crypto shopper demographics, shopping behaviors, and payment preferences. It also explores some of the factors influencing and preventing crypto adoption. 

The 2023 edition introduces a new segment focusing on the news channels and social media preferences of crypto shoppers, complementing the cluster analysis introduced in the previous report. These new additions aim to provide marketers with actionable data for effective consumer engagement.

Some of the main findings from the 2023 edition for this report include: 

• Bitcoin remains the predominant currency, held by 60% of crypto shoppers, while stablecoins gain popularity, with 53.2% having USDT and 9.7% holding USDC.  
• The dominance of Bitcoin and Ether in crypto shopping is declining due to the rising popularity of stablecoins, particularly USDT, driven by increased availability and adoption of alternative networks and layer-2 protocols. 
• Primary concerns for cryptoshoppers include transaction fees (35.5%) and limited availability of stores/products accepting cryptocurrency (33.9%). Notably, concerns about store/product availability have decreased compared to 2022, suggesting a growing presence of crypto payment options. 
• Fraud and scam concerns have seen a significant decrease, indicative of a healthier marketplace and increased trust in or acceptance of crypto payments by prominent brands. 
• Adoption of the Lightning Network has increased by 20%, and users of layer-2 solutions engage in daily crypto shopping eight times more than non-users. 
• A majority of crypto-consumers express belief in the future potential of crypto-shopping, with 64.9% planning to make cryptocurrency purchases in the next six months. Additionally, 51% anticipate engaging in crypto-shopping within the next month, signaling a growing trend among crypto-consumers.

More information about Cryptorefills and its previous developments

Cryptorefills' mission is to enable global customers to use cryptocurrencies for daily needs. For instance, the platform allows users to recharge mobile credits and purchase gift cards from top digital and retail brands using cryptocurrencies. Actively involved in crypto consumer spending research through its Labs initiative, the company regularly publishes reports on global cryptocurrency usage in retail. 

In February 2023, Cryptorefills has launched a new payment option through the Optimism layer 2 network. The new payment option allowed Cryptorefills customers to pay with ETH and stablecoins such as USDC, FRAX, USDT, and DAI using the Optimism layer 2 network. 

Optimism is a layer 2 chain built on top of Ethereum that uses optimistic rollups to minimise transaction times and costs. Since stablecoin transactions have higher fees when compared to ETH, this reduction in fees can be particularly significant, but they can also help in the case of small-value purchases.