Consumer-merchant mismatch slows down mainstream crypto adoption

A new Crypto.com survey reveals a huge gap between consumer demand and merchant acceptance for crypto payments.

The mystery of the cryptocurrency's mainstream fast-tracking adoption lies in resolving a conflicting consumer demand for crypto payments across business verticals, a new study reveals.

In a survey conducted by Crypto Exchange Crypto.com with 110,000 subscribers and more than 1.5 million worldwide merchants, about 60% of merchants and customers both shared their interest in crypto payments. However, consumer demand does not offset the business verticals that cryptocurrencies accept.

On the other hand, industries with quiet markets like luxury goods, retail and groceries and gaming show a great appetite for crypto adoption. For example, luxury brands and retailers have begun exploring nonfunctional tokens (NFT) to authenticate their products when approaching a new customer base.