Paysafe (NYSE: PSFE), a major payments platform, recently conducted research on retailers and crypto payments. The Paysafe report suggests that the retailers who are not accepting crypto payments are missing out on various opportunities linked with it. Let’s have a look at the report briefly.
Paysafe Research On Retailers And Crypto Payments
The recent Paysafe report shows that a huge 80% of crypto participants are willing to pay for bills using their virtual asset investments. However, numerous retailers have not enabled such modes of payment on their end. The research highlights consumer demand for crypto payment acceptance has expanded lately.
It also mentions that Insider Intelligence has estimated that 33.7 million U.S. adults are bound to own cryptocurrency at the end of the current year. Moreover, the HMRC report findings have been noted, which suggest that 5 million U.K. citizens own crypto with about 52% of them holding up to £1000. This means that the crypto domain has flourished immensely and has extended its roots into the hands of the common people and retailers not allowing crypto payment modes has deterred them from opportunities this domain provides that have still not been harnessed.
The research data shows that crypto holders mostly want to utilize their investments on “big ticket” items such as treats for themselves (75%), cars (74%), and property (74%). Moreover, a lot of them (91%) are optimistic about crypto payment acceptance and noted that within the next five years, such online crypto payment modes would be common and normalized.
Paysafe Official Statements
Elbruz Yilmaz, the SVP of Crypto at Paysafe commented on the research saying:
“Crypto asset holders are convinced that crypto is the future of payments and understand that it is here for the long-term. With this positive outlook for the growing popularity of crypto payments in spite of the current market volatility, retailers that are innovative and forward-thinking enough to be among the first to accept crypto could gain competitive advantage, increased brand awareness, and market share. Being one of the first retailers or brands to do this has clear advantages, but it’s critical it is done right. As a globally-recognized market leader with over twenty years of experience in payments, deep crypto expertise, and the ability to scale at speed, Paysafe is uniquely positioned to enable seamless and compliant digital asset transactions for both businesses and consumers.”
The full report of the abovementioned survey is yet to be released and might house some information on crypto updates that were not known earlier. Therefore, it would be intriguing to wait for the findings.