Report: More Consumers Want to Spend Online with Cryptocurrency

Report: More Consumers Want to Spend Online with Cryptocurrency

January 6, 2022

The fortunes of cryptocurrency as a method of online payment have risen and fallen since the introduction of bitcoin around a decade ago. Most merchants have avoided accepting cryptocurrency due to its volatility and that it is seen primarily as an investment rather than a medium of exchange. But a recent survey by Cantaloupe Inc. found there may be enough consumers willing to use crypto to change merchants’ minds—if it’s easy to do so.

According to the results of the survey, more than a third of 18-54 year-olds own cryptocurrency and nearly 70 percent of them would use it to make purchases if they could do so using a digital wallet (e.g., Paypal, Google Pay, Apple Pay, etc.). Some wallets, including Paypal, do support users who want to fund purchases with crypto, but not all of them.

“With the popularity and ownership of cryptocurrency growing, it is critical that retailers find ways to accept this new form of payment, and the easiest way may be through mobile wallets,” said Sean Feeney, CEO of Cantaloupe, Inc. “It’s not hard to imagine a world where cryptocurrency is being used to make everyday purchases using a mobile phone, whether that is at a vending machine, in a store or online. Our research shows that the needle is moving quickly, consumers are more comfortable paying with mobile apps than ever before, and it’s time for the retail industry to be ready to meet expectations of consumers who prefer crypto for payment, and begin to accept it.”

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