Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Crypto Payments Report 2022: How digital currencies are revolutionizing commerce, corporates and culture
Checkout.com | Jess Houlgrave | Apr 5, 2022
Checkout.com surveyed 3,000 businesses and 30,000 consumers worldwide to help us look more closely at the use of cryptocurrency in payments today and the key implications of this shift for merchant businesses.
The outcome of this research is our Demystifying Crypto report, a comprehensive look at how both consumers and merchants in 11 countries are evaluating opportunities to adopt digital currencies.
We found several areas of innovation that stood out across commerce, corporates and culture. Here is a selection of the main takeaways from the report.
1. Commerce
There's been a sharp rise in people wanting to use cryptocurrencies as a means of payment. That’s up from less than 30% last year, marking a notable shift in how consumers are thinking about using cryptocurrencies.
- That growth looks set to continue this year, with 40% of 18-35-year-old consumers citing their desire to experiment with using crypto as a payment method.
See: Ignite Accelerator (ex-Tendermint) launches with $150 million for Web 3 projects
Curiosity amongst businesses around whether or not they should accept crypto payments is also increasing. Those who've already taken the leap are seeing impressive results.
- Many newcasinos-au.com/games/slots and gaming outlets have started accepting crypto.
- Over 80% say offering crypto has attracted new customers and they've observed a reduction in chargebacks.
- This success has led 77% of businesses that accept crypto to double down, iterating and experimenting with different coins to see which has the most benefits in attracting more customers and operational efficiency.
Trust and understanding of crypto particularly remain a significant barrier for many consumers. Consequently, a full-scale Web3 revolution looks highly doubtful. Instead, it's more likely that we'll continue to see a convergence of Web2 and #Web3, powered by those building the bridges between the two worlds.
2. Corporates
Businesses still have concerns about how regulation will impact the crypto space. It's therefore not surprising that a lack of a clear regulatory framework is the number one reason businesses cite for not using crypto.
See: Meta’s WhatsApp has launched a crypto payments U.S. pilot
- 65% of C-level executives surveyed believe that Web3 will change the B2C dynamic as consumers become creators or owners (of data).
- 69% of the businesses surveyed said the speed with which crypto payments can be made and settled has the potential to revolutionize their business models.
- 76% say accepting payments in crypto enables real-time revenue sharing while enhancing transparency to facilitate back-office reconciliation.
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