Nearly one-third of consumers say they would like to use cryptocurrency as payment in the near future, with those with higher incomes and those who struggle to live within their means showing the most interest.
An August report by PYMNTS and Bitpay entitled “Paying With Cryptocurrency: Can Crypto At Checkout Become A Profit Center For Merchants?” conducted a survey of 2,334 consumers and 202 merchants. The results of are clear: Cryptocurrencies continue to appeal to consumers, particularly those seeking to safeguard or grow their funds during a period of cost increases. Merchants would be wise to serve this sector of customers by taking cryptocurrencies at the point of sale.
The study found that cryptocurrency ownership is most widespread among customers with high incomes, although the most economically vulnerable consumers allocate a disproportionate part of their savings and investable assets to cryptocurrencies. Those living paycheck to paycheck are attempting to catch up financially by generating passive income.
Interest in cryptocurrency is substantial. 56% of consumers reported at least a mild interest in purchasing cryptocurrency in the next year, with an additional 17% reporting they have a slight interest. The study found that 26% of millennials are highly likely to buy crypto in the next year, and 60% say they are at least somewhat ready.
It seems that cryptocurrency's track record as a highly profitable asset class for much of the past decade has made a lasting impression on all consumers, as 45% of consumers want to invest in crypto in order to make money. This finding suggests that cryptocurrency's reputation as a highly profitable asset class has made an impression on all consumers.
In terms of interest in crypto as payment, the study found that 33% of consumers will invest in crypto to then use their assets as payment. The highest demographic group for interest in crypto payments was those living paycheck to paycheck, at 43%. It is interesting to note that customers who are experiencing financial difficulties are less inclined than other consumers to invest in conventional assets, but they are willing to dedicate more money to cryptocurrency than other consumers. As a result, businesses in the sector would be well to stop thinking that crypto fans all fall into the same kind of wealthy investor and instead cater their cryptocurrency offers to a wide variety of clients. 34% percent of this same demographic say they prefer merchants that accept cryptocurrency.
It is clear that interest in cryptocurrency is significant, with a large proportion of consumers wanting to utilize their cryptocurrency investment profits for payments. According to the research, we already see a large preference among crypto holders to purchase with retailers who accept cryptocurrency, and this desire is particularly strong among younger customers, the wealthy, and consumers under tremendous financial hardship.
Recognizing this widespread customer interest and making accommodations for it in general and at checkout will provide financial advantages for businesses that avoid outmoded assumptions and serve the current market trends.
