Retailers are one of the major crypto payments adoption drivers

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According to a recent survey conducted by payment network Mercuryo, 57% of respondents felt that embracing crypto payments would provide their firms a competitive advantage. More than one-third of businesses indicated that consumers had asked to pay in Bitcoin (BTC), Ether (ETH), or other payments.

The Mercuryo study comes on the heels of news that WhatsApp has begun testing transfers with Meta’s Novi wallet, and Dogecoin or DOGE would test for Tesla item payments. Retail payment services will serve as a crucial crypto adoption driver.

A total of 501 senior financial decision-makers in the United Kingdom were surveyed for the survey. 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.

Companies believe in the potential of crypto

Large corporations, on the other hand, may increasingly take the lead. According to the data, 72% of large companies in the payments sector believe crypto is the future of payments, according to Petr Kozyakov, CEO and co-founder of Mercuryo. Customers and suppliers have raised their demand for cryptocurrencies as a payment alternative, according to over 75% of respondents.

Smaller firms, such as e-bike merchants, shoe designers, and fintech startups have stated their belief in cryptocurrencies as a commercial asset in a series of interviews with 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 popular business.

According to the research, 33% of respondents said an absence of regulatory clarity in the market is a complicating factor, while 27% find scams a concern, and 28% are concerned about exchange rate volatility.

While the cryptocurrency market capitalization has demonstrated its worth, staying above $2 trillion for the majority of 2021, it’s evident that educating conventional retailers about crypto’s use case as a payment system will take time.

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