Crypto has also gone mainstream with the recent rally in the price of bitcoin – it surpassed its previous November 2021 high of $69,044.77 earlier this month – coupled with the recent approval of spot bitcoin exchange-traded funds (ETFs ), more attention is paid to space.
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In fact, a new report by Deloitte found that globally 220 million people are using cryptocurrency now. Plus, customers pay for everything with it, from travel to sports tickets to mobile phone services.
In turn, more retailers are gearing up to accept crypto. Indeed, the report found that three-quarters of surveyed merchants plan to accept payments in either cryptocurrency or stablecoins in the next 24 months. This is not surprising, as 93% of those who currently accept crypto as a form of payment said they have already seen a positive impact on their business’s customer metrics, such as customer base growth and brand awareness, according to the report .
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Experts weigh in on crypto adoption as a retail payment method
Alec M. Wantoch, head of product at HyperPlay, said that in addition to this expanding trend, PayPal and Venmo are also integrating crypto for payments.
“There’s still some tension around using stablecoins and other tokens for payments, but as more fintech apps like PayPal and Venmo incorporate tools like stablecoins, I think we’ll see tokens in general increasingly being used for payments” , he said.
When it comes to customer-focused motivations, 48% say adopting crypto improves their customer experience, while 40% say brands that embrace crypto are perceived as cutting-edge.
“Cryptocurrencies have started to gain acceptance not only from businesses, but also from governments and other regulatory bodies,” said Jaunius Danielius, Product Director at Omnisend. “With more regulation, skepticism around the topic of cryptocurrencies becomes much less and the market itself becomes more stable for investors. So because of the wider adoption by retailers and policymakers, now is the perfect time for people to try using crypto if they’ve ever considered doing so in the past.”
Advantages of paying for purchases with crypto
There are many benefits for users who pay in crypto – chief among them being speed and convenience.
Yet some experts argue that in addition to the above factors, there is also a cultural element.
“Cryptocurrencies for consumers and enthusiasts are more than just a new currency,” said Richard Gardner, CEO of Modulus, adding that for many, crypto is culturally significant.
“In many ways, it’s similar to consumers who are ideologically driven to support small businesses or local businesses — or businesses that agree with their chosen political ideology.” There is an intangible benefit for these users apart from the financial benefits,” he added. Gardner argues that now is a good time to buy crypto because with new investors getting involved through ETFs, there are more buyers for a limited amount of bitcoin. This scenario is likely to raise the price.
Other experts echoed Gardner’s sentiment, saying the current rally “still has a lot of legs in the long run.”
“And demand from new ETFs will only accelerate that growth,” said Vijay Maroliya, co-founder of The Cash Square. “But volatility won’t go away – use it as a tool (selling) instead of fearing it.” Start small and average your dollar holdings over time. We are still only at the tip of the iceberg.”
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This article originally appeared on GOBankingRates.com: More Retailers Prepare to Accept Crypto: Why You Should Buy Now