Crypto Adoption Is Set To Go Widespread, According To New Report From Checkout.com

MIAMI, April 6, 2022 /PRNewswire/ — At the Bitcoin 2022 Conference in miami Today, the world’s leading payment provider Checkout.com launched its Demystifying Crypto: Shedding Light on the Adoption of Digital Currencies for Payments in 2022 reporthighlighting increasingly positive trends in the adoption and appetite for the use of digital currencies for e-commerce.

The full report independently interviewed a total of 30,000 consumers and 3000 merchants in 11 countries*, examining behaviors and sentiments regarding commercial activity using cryptocurrencies. The first chapter of the report focuses on trends specific to the 18-35 age group, which had 16,000 participants.

According to the findings, crypto is rapidly gaining appeal among young people in particular, with 40% of consumers aged 18-35 wanting and planning to use cryptocurrencies to pay for goods or services within the year. next. This represents an increase from less than 30% last year and marks a substantial shift in attitude from digital currencies being viewed solely as an investment vehicle towards a means of doing business on a regular basis. It also sees consumers moving ahead of online businesses, of which only 23% say they plan to offer crypto payment as a form of payment by 2024.

This increased consumer openness to cryptocurrency is driven by a broader appetite for more convenient and secure payment methods. This is then offset by more merchants and third parties providing the underlying infrastructure to support these methods.

As a result, crypto is already having a big impact on traders and the market as a whole. More … than $2.5 billion payments were made via Visa’s crypto card in the first fiscal quarter of 2022 alone[1]. And merchants who have embraced cryptocurrency payments have seen net new growth, with 82% saying these options have helped them quickly attract new customers and reach new demographics.

Nearly 70% of merchants surveyed believe the speed with which crypto payments can be made and settled has the potential to revolutionize their business models. currencies.

“We believe this is the largest consumer survey of its kind, and the results show a clear shift in attitudes towards cryptocurrencies around the world. This is a legitimate transition from the early adoption phase to a more practical, pragmatic and overall positive phase”. noted Jess HoulgraveHead of Crypto Strategy at Checkout.com.

“This transition means there is a surge in demand for fintech companies that can provide easy-to-deploy solutions and services to enable merchants to get up and running with crypto payment options.then help them optimize the process over time. We expect this trend to only strengthen over the coming year as we bring more services to Web3.”

Consumer attitudes and trust

Even with a strong technological foundation underpinning crypto, momentum can still be volatile. To date, providers and merchants have gone to great lengths to build trust in these services. And the growing acceptance of crypto at the consumer level has started to influence the way big companies work with digital currencies.

According to the Checkout.com report, more than a third of survey participants, including CFOs and corporate treasurers, are increasingly interested in holding stablecoins on their balance sheets. They see it as a way to use decentralized finance for cash management.

Some go so far as to pay vendors and employees in stablecoinsprimarily in response to demand from these audiences, with 51% of companies saying that at least some employees had expressed a desire to be paid in crypto.

More broadly, new communities of content creators, gamers, and gig workers are embracing crypto. Nearly half (46%) of online creatives say their fans and audience have sent them digital currencies to support their work. These communities are testing what is possible when it comes to token and crypto usage, a preview of what is to come in the mainstream.

Another likely scenario held by 65% ​​of C-level executives is that Web3 will dramatically change B2C dynamics, with consumers increasingly becoming producers. This market is expected to be large, with the gaming economy set to hit $260 billion by 2025[2]and the size of the creator economy hitting $104 billion[3]– and should increase.

“The cryptocurrency world is maturing and increasingly driven by utility, pragmatism and empowerment,” Houlgrave added. “Checkout.com sees the potential for cryptocurrency to not only transform the way people transact, but to potentially reinvent the dynamics of the entire digital economy.”

The full report Demystifying Crypto: Shedding Light on the Adoption of Digital Currencies for Payments in 2022 is now available for download at www.checkout.com/campaigns/demystifying-crypto. To learn more about Checkout.com’s solutions for the crypto community, visit checkout.com/crypto.

* Report Methodology

The Demystifying Crypto report is based on an independent survey of 30,000 consumers and 3,000 merchants based in the US, UK, France, Spain, Italy, Germanythe United Arab Emirates (UAE), The Kingdom of Saudi Arabia (Saudi Arabia), hong kong (HK), Singapore and Australia. The research was conducted through the Qualtrics market research platform between February 2 – March 1, 2022.

The majority of our sample have not yet owned a digital asset, but 40% plan to do so in 2022. A quarter of the sample identify as avid gamers and 1% as professional gamers. The survey was conducted online and is therefore strongly geared towards a population with internet access and 86% of respondents own a smartphone. Consumer data was represented as statistics by total population in each country studied. The companies surveyed are digital platforms and marketplaces, SaaS, games and entertainment, fintech and e-commerce merchants. Job titles surveyed included CEOs, CFOs, COOs, group treasurers, e-commerce managers, payments managers, and other senior finance executives.

About Checkout.com

Checkout.com is a global payment solutions provider that helps businesses and their communities thrive in the digital economy. Purpose-built with performance, scalability and speed in mind, our modular payment platform is ideal for businesses looking to seamlessly integrate better payment solutions. With more than 1,800 people in 19 offices around the world, we provide innovative solutions that adapt to your needs, valuable insights that help you take control of your payments performance, and expertise you can rely on when you navigate the complexities of an ever-changing world. . That’s why companies like Crypto.com, Binance, Sony, SHEIN, Grab, Frasers Group, and Moonpay trust Checkout.com.

[1] Visa Q1 2022 Revenue Call

[2] Global video game market value from 2020 to 2025, Statista, 2021

[3] Creator Economy Report, The Influencer Marketing Factory, 2021

SOURCE Checkout.com

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Crypto Adoption Is Set To Go Widespread, According To New Report From Checkout.com


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