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24 Aug 2022

The future of crypto payments

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This article is not intended to be financial, investment or trading advice. This article is for information and solely for education purposes. It does not protect against any financial loss, risk or fraud.

New research from Paysafe reveals how retailers are missing out by not accepting crypto at the checkout

LONDON, 24 August 2022: New research released today by leading specialised payments platform Paysafe (NYSE: PSFE) reveals how retailers may be missing out by not accepting payments in crypto. A staggering 80% of crypto owners want to pay for goods with their crypto balances but are held back by a lack of cryptocurrency acceptance at the point of sale.

This growing consumer demand for crypto payment acceptance by retailers and brands is highlighted in a new study* of 3,000 crypto holders (1,000 UK, 2,000 US) from Paysafe. With Insider Intelligence predicting that 33.7 million US adults will own at least one cryptocurrency by the end of 2022 and a recent HMRC report in the UK claiming that five million Brits now own cryptocurrency, (with 53% holding up to £1,000), accepting crypto at the checkout could potentially release as much as millions of untapped revenue for retailers in an increasingly challenging economic environment.

Findings showed that current crypto holders most wanted to spend their crypto on ‘big ticket’ items, with ‘treats for themselves’ (75%), ‘cars’ (74%) and ‘property’ (74%) topping the purchase wish list. 

The majority are optimistic that they won’t have to wait long to go shopping. 91% of those holding crypto believe online payment by crypto will be as common as paying by card or contactless, with 59% hoping this will happen within five years. 88% believe this will also be the case for in store payments, with 47% hopeful that this will happen within five years. 

“Crypto asset holders are convinced that crypto is the future of payments and understand that it is here for the long-term. With this positive outlook for the growing popularity of crypto payments in spite of the current market volatility, retailers that are innovative and forward thinking enough to be among the first to accept crypto could gain competitive advantage, increased brand awareness and market share,” said Elbruz Yilmaz, SVP of Crypto, Skrill. 

“Being one of the first retailers or brands to do this has clear advantages, but it’s critical it is done right. As a globally recognised market leader with over twenty years of experience in payments, deep crypto expertise, and the ability to scale at speed, Paysafe is uniquely positioned to enable seamless and compliant digital asset transactions for both businesses and consumers.”

*Survey methodology

The research, which gathered responses from 3,000 cryptocurrency holders – 2,000 in the US and 1,000 in the UK, was conducted online by Sapio Research between 8–14 June 2022 using an email invitation and an online survey. At an overall level, results are accurate to ± 1.8% at 95% confidence limits, assuming a result of 50%. 

About Skrill’s crypto offering

Skrill has over 40 cryptocurrencies which are available to buy and sell in over 40 different fiat currencies. 

You can also buy and sell cryptocurrency on the Skrill app. Our app supports live rates, which you can also check on our website, as well as a step-by-step guide on how to buy and withdraw crypto.

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Cryptocurrencies are unregulated in the UK. Capital Gains Tax or other taxes may apply. The value of investments is variable and can go down as well as up.

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