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Mercuryo survey: Retailers can drive crypto payments adoption

Mercuryo survey

TL; DR Breakdown

  • Mercuryo survey says retailers can push crypto payment adoption
  • The survey was built on Tesla’s Dogecoin adoption
  • Crypto payment adoption have some hindering factors

Crypto payments is an innovation that has been in the works in the last few years. This is because companies have seen the growing adoption of digital assets, making it easier for traders to purchase goods using them. In a new survey, reports have shown that retail traders are the next set of individuals that will push the adoption of crypto payments in the coming years. Going by the Mercuryo survey, 57% of the responding party believes that companies could edge out one another if they eventually employ a form of crypto payment option or another.

The Mercuryo survey was built on Tesla’s Dogecoin adoption

Asides from that, some of the respondents also ticked yes when asked if they had come across companies online that would instead take payments in leading crypto other than cash. The Mercuryo survey was premised on the fact that Tesla was mulling the idea of allowing users of its platform to pay for different merchandise with Dogecoin.

Elon Musk has been a famed backer of the digital asset since it debuted in the market. With this, the researchers at Mercuryo believe that it shows that initiatives like this could drive digital assets adoption. The Mercuryo survey considered the opinions of over 500 financial decision-makers who stay in the United Kingdom. Mercuryo mentioned that more than half of the surveyed parties owned businesses that had a staff strength of more than 250 members.

Crypto payment adoption have some hindering factors

The Mercuryo survey also noted that out of all the surveyed parties, about 40% were on the board of directors of big companies. However, asides from the size of the companies, one crucial noticeable remark is that digital assets would find their way into most businesses in the coming years. The company also noted that more than 70% believe that crypto payments would kick out most basic payment forms.

In another interview among small businesses owners, most of them are not hiding that they feel digital asset could enter their businesses in the coming years. Although a small fraction of them are now accepting Bitcoin, most think that the next years could witness the entrance of other forms of assets. Most crypto exchanges are now being tapped to help facilitate crypto payments.

A top officer of Mercuryo believes that even though everything might look easy on the outside, it is not that way on the inside. He noted that payment methods are hard to set up, especially those concerning digital assets. In the case of digital assets, some factors are hindering growth and acceptance among businesses across the world. Some of the elements are regulations which took up 33% of the vote, while another is issues relating to scams which took up 27% of the votes. Aside from those, some retailers’ exchange rate and education are still other factors that need looking into.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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