Worldpay from FIS – a top global fintech provider – recently released a joint report with Crypto.com covering attitudes around cryptocurrency as a medium of exchange. It found huge interest among both merchants and customers in using cryptocurrencies to transact in 2022.
According to the report, titled “Crypto for Payments”, there is currently a ~10X disparity between customers and merchants transacting in crypto. Whereas 40% of customers would like to use their crypto to buy things, only 4% of merchants actually accept it. By contrast, 60% of both customers and merchants showed interest in using/ accepting crypto this year.
However, real adoption is likely to be much slower than that. Crypto’s steep learning curve and the complexities of coordinating these new payment systems among internal teams will prove burdensome challenges for institutions. Should they be overcome, the report claims that merchants can benefit from lower transaction fees and dispute costs while appealing to a broader customer base.