New research from Paysafe reveals how retailers are missing out by not accepting crypto at the checkout.
Four out of five crypto owners want to pay for goods in the real world through their crypto wallets, however, their paytech ambitions are being prevented by the absence of crypto-compatible point of sale systems at the checkout; spelling a major missed opportunity for retailers.
According to the payment platform Paysafe, 80 per cent of crypto owners want to pay for goods with their crypto balances but are unable to do so due to checkout limitations.
This growing consumer demand for crypto payment acceptance by retailers and brands is highlighted in the platform’s latest study of 3000 crypto holders.
Insider Intelligence predicts that 33.7 million adults in the US will own at least one cryptocurrency by the end of this year, while HMRC reports that across the pond in the UK, around 5 million people currently own some form of cryptocurrency, with around half of wallets holding up to £1000.
A similar report published by the payments provider Checkout.com in April of this year indicated that 30 per cent of crypto holders in the UK intend to pay with crypto at some point this year, a figure that increases to 40 per cent when viewed globally.
In light of this, Paysafe’s study found that the ability to accommodate this payment trend, and accept crypto at the checkout, could potentially release millions in untapped revenue for retailers; amid an increasingly challenging economic environment.
Nine out of 10 crypto holders believe the online payment method will become just as prevalent as cards, with six in 10 seeing this as the reality within e-commerce in the next five years.
Likewise, 88 per cent believe this will also be the case for in-store payments, with 47 per cent hopeful that this will happen within five years.
Around three in four respondents to Paysafe’s study were inclined to spend their crypto on cars, property and themselves, with big ticket items topping the list of possible purchases using crypto.
Recognising how a positive outlook for crypto payments remains despite the current market volatility, the platform’s SVP of crypto, Elbruz Yilmaz comments that “crypto asset holders are convinced that crypto is the future of payments and understand that it is here for the long-term.”
Yilmaz encourages retailers to be “innovative” and “forward-thinking”, as those who could accept crypto “could gain competitive advantage, increased brand awareness and market share.”
The full research report, including additional data and insights into consumer attitudes towards crypto, is set to be released later this year.