85% of major retailers accept crypto as payment

Merchants and consumers have enough experience with cryptocurrencies to understand the advantages they offer as a method of payment.

Forty-six percent of merchants currently accept cryptocurrency as a method of payment, according to “Paying with Cryptocurrency,” a PYMNTS and BitPay collaboration based on a survey of 2,334 consumers and 202 merchants with annual online sales of at least $250 million.

Get the report: Pay with cryptocurrency

Large retailers are particularly likely to accept crypto as a form of payment, as 85% of businesses with over $1 billion in annual online sales say they accept some form of crypto-enabled payment method.

Among small merchants — those with annual online sales between $250 million and $1 billion — only 23% accept crypto for purchases.

The type of crypto payment that most merchants accept for in-store purchases are non-crypto-native digital wallets that enable crypto transactions, such as PayPal or Venmo. Ninety-four percent of customers can use cryptocurrency to pay for in-store purchases this way.

Other types of crypto payments that merchants accept for in-store purchases include cryptocurrency wallets, gift cards purchased from websites that accept cryptocurrency, and cryptocurrency debit or prepaid cards. These are accepted by 46%, 4% and 2% of merchants respectively for in-store purchases.

graph, how consumers spend crypto

Non-crypto-native digital wallets are also the type of crypto payment offered by most merchants for online purchases, with 94% of customers able to use them to pay for online purchases.

Shares of merchants that allow customers to use cryptocurrency to pay for online purchases in other ways include 13% offering cryptocurrency wallets, 2% offering gift cards purchased from websites that accept cryptocurrency and 2% offering cryptocurrency debit or prepaid cards.

graph, how consumers spend crypto

Seventy percent of traders expect to adopt more crypto innovations over the next 12 months. Among merchants who already accept cryptocurrency, 96% plan to deliver innovations related to cryptocurrency acceptance in the next 12 months. Among merchants who do not accept crypto, 42% plan to do so.

businesses and crypto

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NEW PYMNTS DATA: THE CUSTOM PURCHASING EXPERIENCE STUDY – MAY 2022

About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are succeeding and where they need to up their game to deliver a personalized shopping experience.

About Matthew R. Dailey

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