Retailers Drive Encrypted Payment Adoption: A Survey

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Encrypted payments may be what innovative companies are looking for. According to a recent survey by payment network Mercuryo, 57% of respondents believe that accepting cryptocurrency payments will give companies a competitive advantage. Among other excellent statistics, more than one-third of companies reported that customers had asked to pay in Bitcoin (Bitcoin), ether (Ethereum) Or other digital currencies.

Following Dogecoin (dog) Will try to pay for Tesla products and WhatsApp started using Meta’s Novi Wallet to test payments, The Mercuro report emphasizes that retail payment services will continue to be a key driver of encryption adoption.

That report Under investigation 501 senior financial decision makers in the UK. Almost half of the sample size consists of large companies employing more than 250 people. Among the interviewees, 40% are executives at the board or director level, and the rest are partners or business owners.

However, it is crucial that large companies may increasingly lead the trend. In the survey results, Mercuro CEO and co-founder Petr Kozyakov told Cointelegraph:

“Our research emphasizes that 75% of large companies believe that cryptocurrencies will eventually be integrated into various forms of financial services.”

He added that 72% of large companies in the payment field believe that cryptocurrency is the future of payment. More than 75% of customers and suppliers have increased demand for cryptocurrency as a payment option.

related: New research shows high demand for cryptocurrency payments

In a series Interview In The Times, small businesses such as e-bike retailers, footwear brands, and fintech startups expressed their belief in cryptocurrency as a company asset. Although Bitcoin and cryptocurrency payments account for only a small portion of their total sales, they say this is a growing and valuable service.

Companies such as Bit payment, Coin Bank and Blockage Ready to facilitate the transition of companies to accept cryptocurrency payments. Nonetheless, it is not as easy as getting a salary in cryptocurrency- Fast-growing trends and magnets for attracting top talent in 2021.

According to Kozyakov, “Building these complex cryptocurrency infrastructure in-house can usually take years to complete in some cases.” As with the new technology, “there are still obstacles to implementation and the pace of adoption is slowing down. “

The report pointed out that 33% of respondents believe that the lack of clear regulatory clarity in the market is a barrier to entry, while 27% of respondents say they are vulnerable to fraud, and 28% are worried about exchange rate fluctuations.

Although the market value of cryptocurrency has proven its value, More than $2 trillion in most of 2021Obviously, it will take some time to educate traditional retailers as use cases for payment technology. However, as the industry has proven time and time again, Kozyakov concluded, “The first movers will be rewarded.”