Study: 85% of merchants view bitcoin payments as a means to attract customers

For 84.8% of merchants, paying with cryptocurrencies has become a way to expand their customer base. Such assessments are contained ina PYMNTS study by the news aggregator PYMNTS and the processing service Bitpay.

As the reason for adding this option, 81.5% of respondents cited eliminating intermediaries.

59.6% of merchants cited the convenience of using cryptocurrencies in cross-border transactions.

42.1% of respondents noted lower transaction costs. The researchers say that fees when paying with digital assets are around 1%, versus the industry standard of 1.5–3.5%.

Technical difficulties remain a barrier to crypto payments, 67.9% of respondents said. Popular responses also included the volatility of digital assets (66.1%), difficulties in tracking transactions (56%), and insufficient transparency (49.5%).

Earlier, a PYMNTS survey in December 2021 showed that 58% of cross-border companies use cryptocurrencies.

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