The adoption of cryptocurrency has been growing rapidly across multiple sectors. You can say for total crypto market capitalization, since it has also grown 15 times more from January 2020 to November 2021. Which is $190 billion to $3.0 trillion.
Although the rate has been growing rapidly, there are still some cracks between merchant acceptance and the demand of the consumers for crypto payments.
A study was conducted by the crypto exchange where 110,000 customers of Crypto.com and a little over 1.5 million Worldpay merchants participated. About 60% of the total customers and merchants shared the same interest in crypto payments. However, the demand of the consumers does not correspond with the business verticals.
According to the available data, the crypto payment demand of consumers goes beyond the merchant’s ability to pay in the 4 major industries; digital media, automotive, hospitality, and travel. The gap in the merchant’s capacity to pay owns a big opportunity to make the most of the market demand for cryptocurrency payments.
On the contrary, industries with smoother markets like luxury products, grocery and retail, and gaming industries have a higher desire for crypto payments. For example, some famous retailers and luxury brands have started to accept NFTs (Non-Fungible Tokens) to validate their products and services.
As an immediate consequence of demand surpassing the merchant’s crypto payments, the survey points out. Because of the higher demand, 64% of the customers of Crypto.com are using a prepaid card to pay for their business holding that doesn’t support crypto wallets.