85% of merchants seek crypto payments option for new customers

Crypto is here to stay and this is something that crypto enthusiasts and maximalists believe but it's not the same for all because some new investors get worried when the market shakes. Crypto is also a market and it's the nature of any market to fluctuate and no market can be stable. The only thing that is different in the crypto market is that it's high volatile as compared to the traditional market but I think that this is a good part and because of this we get more opportunities.

Today I was going through an article and I found it interesting so that of sharing here because it's about the crypto acceptance for merchants. We often hear that for crypto mass adoption we need more people in this and to make it happen there must be more ways to use it and paying for the services through crypto is certainly a good move. As per this article, 85% of merchants are looking for the options to accept crypto so that they can get more new customers to their business and this is a good sign.

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This time when the market is down then we see more development and innovations which is bring more adoption. Be id metaverse, NFT, Web 3, and many other things, all these surely contribute towards increased adoption and that is what is needed for the crypto ecosystem to grow. Lots of big brands and leading companies are entering crypto because they have realized the potential and even people are looking for merchants where we can use crypto to make payments so this is certainly the time for merchants to join the revolution by providing crypto payment options. I feel like, it's same the same kind of transition that happened from cash to digital money.

While most of the report shows positive perspectives on crypto, some merchants report that technical barriers and challenges still get in their way of adopting crypto payments. Of the merchants that do not accept crypto yet, 68% said that this is because of the challenges that they face in the implementation of the technology at the checkout.

The technical challenge is something that is surely a barrier for many and if this gets easy or there is some easy way to fix then things will improve and probably more merchants will enter crypto as a payment acceptance for the services and goods.

5 years back in India most of the transactions in business and even at the merchants were happening through but post demonetization, this scenario is changed significantly. Now, most of the shops are accepting cards and some wallets like PAYTM and phonepe, etc. Even I hardly keep any cash and my phone is enough to pay because I use such wallets and can pay at any show and even online which is convenient and easier to manage money. No need to visit ATM for cash withdrawal and even not require to carry my physical wallet for the same phone is enough for all this. Digital money is a better option to spend and use for any payment purpose.

Although the current situation for crypto is not good you never know what future will unfold and if things get better and crypto adoption increases then for sure I would be excited to pay through crypto-like I do use the Paytm wallet and my card.

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