The secret to fast-track cryptocurrency’s mainstream adoption lies within addressing a contradicted consumer demand for crypto payments across business verticals, reveals a new survey.
In a study participated by crypto exchange Crypto.com’s 110,000 customers and over 1.5 million Worldpay merchants, roughly 60% of both merchants and customers shared their interest in crypto payments. However, the consumer demand does not reciprocate the business verticals that accept cryptocurrencies.As evidenced above, the consumer demand for crypto payments exceeds merchant availability across four major industries — travel, automotive, digital media and hospitality.
On the other hand, industries with calmer markets such as luxury goods, retail and grocery and gaming display a bigger appetite for crypto acceptance. For example, luxury brands and retailers have started exploring nonfungible tokens to authenticate their products while being exposed to a new customer base.“Because of this, 64% of Crypto.com’s customers are using a prepaid card in order to spend their holdings at businesses that do not support a direct wallet transfer.
Both consumers and merchants trust and prefer to use cryptocurrencies with the highest market capitalization — Bitcoin (
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