Payments
UK shoppers embracing crypto payment
April 11, 2022
One in three U.K. shoppers, 30%, intend to use crypto as payment option this year and the number jumps to 40% on global consumer scale.
That's a prime finding of a report from Checkout.com on the adoption of digital currencies for payments in 2022.
Almost a third (28%) of U.K. consumers believe crypto should be seen as a notable form of currency rather than just an investment asset, and nearly half (45%) trust brands that accept crypto payments.
The report data was from a survey that polled 30,000 consumers and 3,000 merchants in 11 countries.
According to the findings, crypto is rapidly gaining in appeal among younger demographics in particular, with 40% of 18-35-year-old consumers wanting and planning to use cryptocurrencies to pay for goods or services within the next year, according to a press release on the report.
That figure is up from less than 30% last year and marks a substantial shift in attitude from digital currencies being seen solely as an investment vehicle to a means of doing business on a regular basis.
The increased consumer acceptance of cryptocurrency is driven by a broader appetite for more convenient, safer payment methods, according to the report.
Almost 70% of the merchants surveyed believe that the speed with which crypto payments can be made and settled has the potential to revolutionize their business models — with over 80% of merchants with existing crypto payment options saying it was easier to settle than using fiat currencies.
"We believe this is the largest consumer survey of its kind, and the findings present a clear evolution of attitude toward cryptocurrencies around the world. This is a legitimate transition from the early adoption phase to one that's more practical, pragmatic and positive overall," Jess Houlgrave, head of strategy for crypto at Checkout.com, said in the release.
"This transition means there's a groundswell in demand for fintech companies that can provide easy-to-deploy solutions and services to get merchants up and running with crypto payment options — and then help them optimize the process over time. We expect that trend to only get stronger over the coming year as we bridge more services into Web3."
