New Research From Paysafe Reveals How Retailers Are Missing out by Not Accepting Crypto at the Checkout
24 August 2022 - 7:00PM
Business Wire
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 3000 crypto
holders (1000 UK, 2000 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 5 million Brits now own cryptocurrency, (with 52%
holding up to £1000), 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 5 years. 88% believe this will also
be the case for in store payments, with 47% hopeful that this will
happen within 5 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,
Paysafe.
“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.”
The full research report, including additional data and insights
into consumer attitudes towards crypto, is set to be released later
this year.
*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 Paysafe’s crypto offering
Leading specialised payments platform, Paysafe, and its global
digital wallets brands Skrill and NETELLER, enable users to buy and
sell crypto, anytime and anywhere. Customers can use over 100
payment methods to deposit into Skrill and NETELLER and use over 40
fiat currencies to buy a wide range of cryptocurrencies. Paysafe,
which has over 20 years of online payment experience, also offers a
wallets-as-a-service embedded finance solution which provides a
range of payment solutions to crypto merchants, such as exchanges,
supporting them to offer compliant international payment services
to their customers.
Paysafe also provides card processing services and eCash
solutions to a wide range of crypto companies and exchanges around
the world.
About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading
specialized payments platform. Its core purpose is to enable
businesses and consumers to connect and transact seamlessly through
industry-leading capabilities in payment processing, digital
wallet, and online cash solutions. With over 20 years of online
payment experience, an annualized transactional volume of over US
$120 billion in 2021, and approximately 3,500 employees located in
10+ countries, Paysafe connects businesses and consumers across 100
payment types in over 40 currencies around the world. Delivered
through an integrated platform, Paysafe solutions are geared toward
mobile-initiated transactions, real-time analytics and the
convergence between brick-and-mortar and online payments. Further
information is available at www.paysafe.com.
Further information is available at www.paysafe.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220824005087/en/
Contact Details Kaizo PR for Paysafe paysafe@kaizo.co.uk
Phone: +44 203 176 4700
Anna Birdsall-Strong, VP Communications, Europe, Paysafe
anna.strong@paysafe.com Phone: +44 203 890 8975
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