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Retailers to drive crypto payments adoption

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Companies may be looking for the next big thing, and crypto payments may be it. According to a recent poll conducted by payment network Mercuryo, 57% of respondents feel that taking crypto payments will give businesses a competitive advantage. Customers have asked to pay in Bitcoin (BTC), Ether (ETH). Or another digital money, according to over a third of firms.

The Mercuryo revelation comes as news breaks that Dogecoin (DOGE) will trial for Tesla item payments. And WhatsApp has begun testing payments with Meta’s Novi wallet.

In order to compile the report, 501 key financial decision-makers in the United Kingdom were polled. Large enterprises employing more than 250 employees made up over half of the sample size. 40% of the responders are board or director-level executives, with the rest being partners or business owners.

Large corporations, on the other hand, maybe increasingly be in charge. Mercuryo’s CEO and co-founder Petr Kozyokov commented on the findings:

“According to our analysis, 75% of all significant organisations predict that crypto will be integrated into all forms of financial services in the future.”

He went on to say that crypto is the future of payments. For 72% of significant enterprises in the payments industry. Customers and suppliers have raised their demand for cryptocurrencies as a payment alternative, according to over 75% of respondents.

Small-size firms confirm their belief in cryptos as a commercial asset

Smaller firms, including e-bike merchants, shoemakers, and fintech startups, have affirmed their belief in cryptocurrencies as a commercial asset in a series of interviews published by The New York Times. Despite the fact that Bitcoin and cryptocurrency payments account for a small portion of their total sales, they claim it is a growing and respected service.

Bitpay, Coinbase, and Block are just a few of the companies that can help businesses accept crypto payments. Still, receiving your compensation in cryptocurrency, a fast-growing trend and a magnet for attracting top staff in 2021, is not as simple.

“Building these complicated cryptocurrency infrastructures in-house often takes, in some situations, years to complete,” Kozyokov says. “There are still impediments to implementation. Which are slowing down the pace of adoption”, as is the case with new technology.

Regulatory clarity and scams threats are among the barriers

According to the report, a lack of clear regulatory clarity inside the industry highlighted by 33% of respondents. As a barrier to participation. While 27% said scams are a concern, and 28% are concerned about exchange rate volatility.

The cryptocurrency market value has demonstrated its worth. However, staying above $2 trillion for the majority of 2021, it’s evident that educating traditional shops about crypto’s use case as a payment system will take time. However, as the sector has often demonstrated, “the early movers will enjoy the rewards,” Kozyokov adds.

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