Customers & Merchants Prefer Accepting Crypto Payments In Bitcoin & Ethereum Over Stablecoins
Research conducting by DataMesh in Australia reveals serious promise for both BTC & ETH
A new survey of Australian business owners and consumers shows serious promise for both Bitcoin & Ethereum — over stablecoins.
Consumers’ cryptocurrency of choice for payments is Bitcoin as 74.4% of Australian consumers would use it to pay for goods and services. Ethereum is not far behind at 59.6%.
Stablecoins, on the other hand, don’t seem to enjoy the same popularity with the Australian Dollar (AUD) Stablecoin and USDC selected by only 33.4% and 13.8% of survey participants, respectively. Litecoin proved more popular (24.9%) than both USDC and CRO (11.4%).
This sentiment was echoed by merchants. Bitcoin again came on top (57.3%) and Ethereum second (33.0%), while interest in the AUD Stablecoin (12.4%) and USDC (11.5%) was again “surprisingly” underwhelming.
There seems to be also significant (and growing) interest by both merchants and consumers for wider adoption of crypto payments. According to the study:
55% of Australian consumers are interested in purchasing goods using cryptocurrencies and 54% of Australian merchants would consider accepting crypto payments for goods/services
11% of merchants are already accepting payments in crypto, while a further 11% say they have the infrastructure set up
25% of merchants believe they will be ready to accept crypto payments in the next 6-12 months; a further 14% believe they will be ready in the next 1-3 years
Over 50% of merchants want to offer crypto payments to give customers more options (53.0%) and because they are positive about the long term prospects of crypto adoption (52.7%).
Out of all good and services, customers were most comfortable using crypto to pay for airline tickets and travel (45.3%), followed by luxury goods (37.4%), retail and grocery (36.9%), and gaming and NFTs (27.0%).
Consumers were least interested in using crypto to pay for telecommunications and utilities (20.0%), hospitality (17.1%), and financial services and healthcare (14.6%).
Read The Full Report Here
The research was conducted by DataMesh (in collaboration with Crypto.com and PureProfile) in late May and early June 2022. Over 2,000 consumers and more than 500 merchants in Australia participated in the research.