Crypto adoption will be driven by retail payment services: Report

Namrata Shukla
Source: Pixabay

There is no question that crypto can change the way payments are being made across the world. According to a recent survey by payment network Mercuryo, 57% of the respondents believed companies offering crypto payments will gain the edge in the payments game. People’s preferred digital assets remained Bitcoin [BTC] and Ethereum [ETH].

The report highlights that retail payment services will continue to be a key driver in cryptocurrency adoption, as many businesses were looking to add payment options in crypto. For Instance, Tesla was looking to try Dogecoin payments for merchandise, while social media giant Whatsapp started testing crypto payments with Meta’s Novi wallet.

As for the report that surveyed 501 senior financial decision-makers in the United Kingdom, noted 75% of all large companies hoped crypto to be integrated into all forms of financial services.

It stated,

“Our research highlights that 75% of all large companies believe cryptocurrency will eventually be integrated into every form of financial services.”

Meanwhile, 72% of large businesses within the payment realm considered crypto to be the future of payments. Adding to this statistic was the demand for crypto payments. Nearly 75% of large businesses witnessed an increased demand from customers and suppliers to offer crypto as a payment option.

Additionally, smaller businesses were holding cryptos as assets for companies even though payments in digital assets made up only a small percentage of their total sales. These businesses were keen to tap into this growing sector and called it a valued service.

So what is standing between businesses to serve their clients in crypto? The answer was straightforward- regulations or the lack of it.

According to the report, 33% of respondents noted a lack of clear regulatory clarity as a barrier to entry, whereas 27% were worrisome of the ongoing scams in the space. Meanwhile, 28% were worried about exchange rate fluctuations.

As these businesses respond to the growing market hold of crypto [Market cap hit $2 trillion in 2021 and has remained above it], it was necessary for regulators and crypto businesses to offer clarity over the legal way to deal in digital assets and inform them about its utility.

Not to forget, the early adopters of the tech will stand to benefit if and when the digital asset industry booms.