A joint study by the National Cryptocurrency Association and PayPal has revealed that approximately 39% of merchants in the United States have begun accepting cryptocurrency as a payment method. This data indicates that cryptocurrency has moved beyond a niche market and become an integral part of the country’s mainstream commercial activities. The survey, conducted among 619 payment decision-makers across sectors such as retail, e-commerce, hospitality, luxury goods, and digital gaming, found that increasing consumer demand is the primary driver behind cryptocurrency acceptance. About 88% of merchants reported that their customers inquire about paying with cryptocurrency, and 69% said such requests occur at least once a month.
For businesses already accepting crypto, it now accounts for nearly 26% of their total sales. Approximately 72% of merchants noted an increase in crypto transactions over the past year. May Zabaneh, Vice President of PayPal’s crypto team, stated that cryptocurrency payments are transitioning from experimental to routine commercial practice, as consumers seek faster and more flexible payment options. Larger enterprises are more inclined to accept cryptocurrency, with over half of companies earning more than $500 million annually adopting it. Younger consumers, particularly Millennials and Generation Z, show significant interest in crypto payments, driving its growing popularity. Small businesses have seen especially high inquiry rates from younger customers.
Merchants cited several benefits of accepting cryptocurrency, including faster transactions, access to new customers, enhanced security, and buyer privacy. However, the lack of ease and simplicity remains a significant barrier to widespread adoption. Ninety percent of merchants said they would consider accepting cryptocurrency if it became as easy to use as credit cards. According to Stu Aldroti, President of the National Cryptocurrency Association, partnerships with reputable platforms like PayPal are essential to increase education and awareness, demonstrating that cryptocurrency can be a straightforward and effective payment solution for everyday businesses and consumers.
Source: bitcoinmagazine
