Crypto payment gateways have both expanded and improved in the last year. Big players like Visa and PayPal have entered the space, and today cryptocurrency can be sued to buy practically anything. Countries like Thailand have put special effort into promoting cryptocurrency tourism, while in El Salvador, you can even buy a McDonald’s burger with Bitcoin. The greatest rise in crypto payment adoption, however, comes from retailers and not big businesses. A recent survey predicts that it will remain the case in the future, and retailers will provide the biggest boost to crypto adoption rates.
According to a recent survey by Payment network Mercuryo, more than half of those surveyed believe in the ability of cryptocurrencies to improve sales and expand businesses. More than 25% of business owners said that customers had asked to pay in Bitcoin or Ethereum at some stage. Petr Kozyako, the CEO of Mercuryo, believes that around 75%of big businesses will start accepting payments in crypto in the near future. We can already see this trend in Tesla, Microsoft, Siemens, and others. While big companies will play an important role in crypto adoption rates, retailers and small businesses will make it truly universal.
While the possibilities of retailers accepting payment in crypto en masse look promising, there are significant challenges to be overcome. Having the infrastructure to accept payments is the first hurdle, and converting digital currency to fiat currency is the second. Once these primary challenges are taken care of, we can expect a meteoric rise in crypto payment compatibility among retailers and small businesses.