“We accept crypto!” is a strong customer acquisition strategy for many businesses allowing them to diversify their target market and process more transactions. Nearly two-thirds of the crypto-consumers state they consider crypto payments easy to perform, while only one-fifth of crypto-consumers believe crypto payments to be challenging.
Most crypto-consumers feel safe when paying with crypto.
Crypto-consumer confidence in crypto payments is important when measuring how likely users will continue to purchase crypto. A study reveals 60.3% of crypto-consumers feel their privacy is completely safe when making purchases with crypto. 16.6% suspect their privacy could be at risk, while only 7.7% claim it could be in severe jeopardy with crypto payments.
Processing crypto payments is faster than other payment methods.
When it comes to crypto-consumer customer satisfaction, seamless transaction speeds are one of the most appealing features of crypto payments. 32.1% of crypto-consumers claim their crypto payments are confirmed and completed instantly, with 42.6% claiming their purchases are completed within 5 minutes. Although 5 minutes may seem time-consuming for an in-store purchase, it’s important to note that many purchases are made internationally or in sums too high for banks to permit instantly, making 5 minutes a record time frame.
Crypto-consumers spend two times more than other spenders.
The average order value of crypto users is twice as much as traditional currencies. In 2021 Visa announced that over $1 billion was spent since they added a cryptocurrency payment option. Furthermore, in 2022, over 70% of crypto-consumers spend over $100 in crypto a month, while 32% spend more than $1,000 monthly. Retailers are anticipating implementing crypto payment services.
More Than Retail…
Crypto payments are the next step in payment evolution, and many are jumping on board. And not only retail but all forms of business, financial institutions, and governments.
- Businesses: With just over a third of crypto-consumer businesses accepting at least one type of crypto payment, of the remaining 65.8%, 36.9% believe their company will eventually accept crypto payments to keep up with demand.
- Financial Institutions: In a survey launched by Ripple, 70% of financial institutions were interested in crypto payment solutions, stating that crypto payments are the most crucial reason to invest in crypto. When the surveyed financial institutions were asked what they consider beneficial in crypto payments, data security and quality were the main points, along with growth opportunities within various markets and real-time conversion and settlement.
- Governments: A CBDC is a digital liability of a central bank that is widely available for the general public to make digital payments. It’s been estimated that 80% of central banks worldwide are exploring using a CBDC. CBDCs can be distributed to anyone with internet access through a mobile device; they could significantly increase financial inclusion, stimulate economies, and regulate the money supply.
Start accepting crypto before it’s too late! Getting in the game early will get you ahead of the curve – don’t miss the chance to get in early!
To learn more about crypto payments, visit www.forumpay.com today!