The global adoption of cryptoassets for eCommerce is gaining speed — as 40% of 18-35-year-olds plan to pay for goods and/or services with crypto in 2022, according to a recent report released by global payments provider Checkout.com.
This figure is up from less than 30% recorded last year.
The report presents the findings of a survey of 30,000 consumers and 3,000 merchants in 11 countries, the company said in a statement.
The survey indicates that consumers are pacing ahead of online businesses, only 23% of which say they aim to offer crypto as a method of payment by 2024.
This said, the merchants who have embraced crypto payments experienced net-new growth, with some 82% declaring those options allowed them to rapidly lure new customers and reach new demographics, Checkout.com said.
Close to 70% of the surveyed merchants say that the speed with which crypto payments can be made and settled can potentially revolutionize their business models. More than 80% of merchants with existing crypto-payment options admit it was easier to settle using crypto than using fiat currencies, according to the survey.
Data from payments giant Visa indicates that more than USD 2.5bn worth of payments were made through the company’s crypto-backed card in the first fiscal quarter of 2022.
According to Jess Houlgrave, Head of strategy for crypto at Checkout.com, as quoted in the statement:
“This is a legitimate transition from the early adoption phase to one that’s more practical, pragmatic and positive overall.”
Houlgrave argued that,
“This transition means there’s a groundswell in demand for fintech companies that can provide easy-to-deploy solutions and services to get merchants up and running with crypto payment options—and then help them optimize the process over time. We expect that trend to only get stronger over the coming year as we bridge more services into Web3.”