A new study by Paypal and the National Cryptocurrency Association (NCA) shows that cryptocurrency payments have grown to be more than a footnote in the U.S. According to this study, 4 in every 10 merchants accept crypto, with these alternatives becoming everyday solutions for digital natives.
Paypal Study: Crypto Payments Going Mainstream in the U.S.
A new study shows cryptocurrency, which has been unable to make a dent in the payments industry, is now more than a footnote in the sector.
According to a joint research conducted by payments giant PayPal and the National Cryptocurrency Association (NCA), cryptocurrency payments have become commonplace in the U.S. The study, which polled 619 payment strategy decision makers in several industries, found that 4 in every 10 merchants already accept crypto for payments.
The industries leading adoption include hospitality and travel, followed by digital goods and gaming companies, and retail and e-commerce sites.
Adoption is also rising, as merchants recognize that crypto payments comprise 26% of their total sales, a testament to the increasing relevance of these alternatives as everyday solutions used by Americans.
Customer interest is also high, as 9 of 10 merchants reported receiving inquiries about receiving crypto payments, and 4 of 5 merchants believe that crypto payments will become common in the next five years.
Potential reasons behind adopting crypto payments vary, but transaction speed and attracting new customers come first and second, respectively, followed by enhanced security and privacy for customers.
Interestingly, millennials are the generation most interested in paying with crypto (77%), followed closely by centennials (73%).
May Zabaneh, Vice President and General Manager of Crypto at Paypal, stated that the company recognizes that crypto payments are moving from experimentation into everyday commerce.
Paypal has made inroads in this sector, allowing merchants to accept crypto using its platform and even launching its own stablecoin, PYUSD, which reached a market capitalization of over $3.5 billion.
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