23% of Digital Businesses Are Planning to Allow Crypto Payments by 2024

Crypto assets are becoming popular among consumers and merchants around the world. Checkout.com recently released a report that covered 30,000 consumers and 3,000 merchants around the world to identify adoption trends in the emerging asset class.

According to the findings, 40% of consumers aged between 18 and 35 are planning to use crypto assets to pay for goods and services within the next year, compared to less than 30% last year. Additionally, 23% of online businesses aim to accept crypto as a payment method by 2024.

In addition, the report highlighted the satisfaction level of merchants who have already integrated crypto as a payment method. Almost 80% of merchants said that cryptocurrency assets were way easier to settle payments compared to traditional fiat currencies.

"We believe this is the largest consumer survey of its kind, and the findings present a clear evolution of attitudes towards cryptocurrencies around the world. This is a legitimate transition from the early adoption phase to one that's more practical, pragmatic, and positive overall," said Jess Houlgrave, the Head of Strategy for Crypto at Checkout.com.

Cryptocurrency Users

The adoption of digital currencies is growing rapidly around the world. Earlier this year, Crypto.com published a report on the global cryptocurrency ecosystem and noted that there are more than 300 million crypto users around the world. The number is expected to reach 1 billion by the end of 2022. Furthermore, the rise in the use of digital assets is driving interest in NFTs, Metaverse and Web3.

"This transition means there's a groundswell in demand for fintech companies that can provide easy-to-deploy solutions and services to get merchants up and running with cryptocurrency payment options, and then help them optimize the process over time. We expect that trend to only get stronger over the coming year as we bridge more services into Web3," Houlgrave added.