A recent survey by Deloitte shows that crypto currencies are becoming more popular with businesses, with 85% of surveyed retailers expecting that crypto currency payments will be widespread in their industry in the next five years.
These retailers are also giving high or very high priority to enabling the acceptance of cryptocurrencies with the majority planning to do so for stablecoins (another form of digital currency pegged to assets). Clearly this denotes that the retailers are cognisant to the benefits of accepting cryptocurrencies as a mode of payment.
Why should retailers adopt cryptocurrencies as a mode of payment?
The benefits of crypto payments for retailers are numerous. For one, crypto payments are often much faster than traditional fiat payments. This is because crypto transactions are verified on the blockchain, which is a decentralised ledger that records all crypto transactions. This means that there is no need for a third party to verify the transaction, which can often take days or even weeks.
Second, crypto payments are often much cheaper than traditional fiat payments. This is because there are no banks or other financial institutions involved in the transaction, so there are no fees associated with the transaction. Finally, crypto payments are much more secure than traditional fiat payments. This is because crypto transactions are verified on the blockchain, which makes it nearly impossible to counterfeit or hack.
Looking at the advantages that crypto payments offer, it’s no wonder that more and more retailers are looking to accept them. In fact, it is expected that the number of retailers accepting crypto will increase significantly in the next five years according to the Deloitte survey.
In addition to the general benefits of crypto payments, a high number of retailers (87% of survey respondents) believe that merchants which accept digital currencies would have a competitive advantage in the market. They also believe that the use of digital currencies, aka crypto currencies, will exponentially increase for everyday purchases over the next few years.
Merchants who adopt cryptocurrencies as payment can also expect it to improve customer experience and also an increase in customer base as they will be opening up to the 320 million crypto holders worldwide. These merchants also believe that by accepting crypto currencies, their brands would be perceived as cutting edge amongst their customers and competitors.
Increased adoption of crypto payments seen amongst larger brands
According to the Deloitte survey nearly 75% of retailers are planning to accept cryptocurrencies in the next 2 years. In the US alone, it is projected that there will be more than a 350% jump in the number of users using cryptocurrency to make payments in 2023.
It is also evident that mass adoption is increasing if we observe the list of larger brands accepting digital currencies. Microsoft for example, allows its users to pay for its various in-house services such as Xbox Live, Microsoft apps, games etc via Bitcoin. Home Depot, one of the largest hardware store chains in the US, allows Bitcoin payments, making it possible for individuals to build an entire home using just cryptocurrencies.
Other brands include Starbucks, Whole Foods, GameStop and Baskin Robbins. Crypto holders can also now pay for their travels via travel booking operator Travala and go shopping at one of the larger department stores, JCPenney.
Further adoption growth is expected to grow exponentially in the next few years, driven by the growing popularity of cryptocurrencies especially in developing countries where there are lower entry thresholds and high demand for alternative investment tools. The full report can be found here.
Start considering accepting crypto from customers
So if you’re a retailer, it’s time to start considering crypto as a payment option for your customers. And if you’re not a retailer, but are looking to spend your crypto, then keep an eye out for businesses that are starting to accept crypto payments. If you’re a retailer and unsure of how to start, check out Paywong.
Paywong provides merchant services for businesses that cater to all kinds of customers through its crypto payment system and gateway. Paywong is also useful for individuals who are working as freelancers and want to get paid for their services in crypto. With Paywong, anyone can accept crypto payments from anywhere in the world with low transaction fees and with or without a website. The startup is also working with a third-party off-ramp solution to allow its users to convert crypto to fiat in real time.
Paywong is slated to launch later this year with features that include an intuitive dashboard to manage user funds, e-commerce integrations and also an invoicing system that generates a payment link for anyone to share. They are currently offering the first 5,000 signups with a lifetime offer of 0.5% transaction fee. Simply join the waitlist, and you’ll be on your way to accepting crypto as payment from your customers.
For additional information and updates, visit the official website along with the Twitter, Linkedin and Telegram channels.
About The Company
Paywong is a product of Walawong Solutions Pte Ltd — a Web3 startup based in Singapore. We are on a mission to simplify crypto payments for businesses by leveraging the power of blockchain technology.