Crypto.com and WorldPay from FIS have found the appetite for spending and accepting crypto payments is large. This joint report gives insights into customer and merchant demand by industry.
Both customers and merchants have a growing desire to transact with crypto within the next year:
- 75% of Crypto.com customers want to purchase goods or services with cryptocurrency
- 60% of Worldpay from FIS merchants have the appetite to accept cryptocurrency for goods or services
The Market Favours Heavyweight Currencies and Stablecoins
As merchants begin to adopt crypto payments, currency preference will be an important factor. Both parties have expressed a desire to transact with the highest market cap currencies and stable coins as they are less volatile and offer increased scalability due to layer 2 solutions being introduced.
The Retail & Luxury Industries Lead in Desire to Accept Crypto
All major industries exhibit a level of appetite to accept cryptocurrency as payment, most notably retail & luxury goods businesses; customer preferences are more evenly distributed across industries. These findings confirm the customers’ desire to use cryptocurrency as a general payment method both online and in-store.
An Opportunity for Merchants to Capture
Customer demand to spend crypto currently outweighs that of merchants to accept. 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. There is a clear opportunity for merchants to capture, while also increasing the desire of customers to spend. However, a lack of education and cross stakeholder coordination is dictating the pace at which merchants adopt this technology.
About the Study
110,000 of Crypto.com’s customers covering a range of geographies, ages and income levels, along with many of Worldpay from FIS’ largest global merchants, have contributed to this study.
About Worldpay from FIS
Worldpay from FIS is a leading provider of technology solutions for merchants, banks, and capital markets firms globally. Employees are dedicated to advancing the way the world pays, banks and invest by applying scale, deep expertise and data-driven insights. Worldpay from FIS has been a key crypto ecosystem participant since 2013 and is ramping up investment to build expertise and capabilities in this exciting space. A key strategic focus is enabling Worldpay merchants to accept cryptocurrencies as a payment method, giving them better access to the economic value that is currently stored in this ecosystem.
Founded in 2016, Crypto.com serves over 10 million customers with the world’s fastest-growing cryptocurrency and financial services platform. Crypto.com is built on a foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance, and independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks, as well as Service Organization Control (SOC) 2 compliance.
With over 3,000 people in offices across the Americas, Europe and Asia, Crypto.com is accelerating the world’s transition to cryptocurrency. Find out more: https://crypto.com