Crypto payments might be the innovation companies are looking for. A recent survey by payment network Mercuryo revealed that 57% of respondents believe accepting cryptocurrency payments would give companies a competitive border. Among the other standout statistics, more than ane-third of businesses reported that customers had asked to pay in Bitcoin (BTC), Ether (ETH) or another digital currency.

Hot on the heels of news that Dogecoin (DOGE) will trial for Tesla merchandise payments and WhatsApp began testing payments with Meta's Novi wallet, the Mercuryo report highlights that retail payment services volition continue to be a fundamental crypto adoption commuter.

The report surveyed 501 senior financial determination-makers in the United Kingdom. Well-nigh half of the sample size consisted of big businesses employing over 250 people. Of the respondents, 40% are of board- or director-level management, while the remainder are partners or concern owners.

Crucially, nevertheless, large companies may increasingly atomic number 82 the way. Of the findings, Petr Kozyakov, CEO and co-founder of Mercuryo, told Cointelegraph:

"Our research highlights that 75% of all large companies believe cryptocurrency will eventually be integrated into every form of financial services."

He added that 72% of large businesses within the payments sector consider cryptocurrency to be the future of payments. Over 75% saw increased need from customers and suppliers to offer cryptocurrency as a payment option.

Related: New study reveals high need for payments in cryptocurrency

In a series of interviews in The Times, smaller businesses such every bit due east-bicycle retailers, shoe brands and fintech startups accept expressed their confidence for cryptocurrencies as an asset for companies. While Bitcoin and cryptocurrency payments brand upwards a minor pct of their total sales, they say it's a growing and valued service.

Companies such as BitPay, Coinbase and Cake are on paw to facilitate businesses' transition into accepting cryptocurrency payments. Yet, it'due south not as easy as receiving your salary in crypto — a fast-growing trend and a magnet for attracting top talent in 2022.

According to Kozyakov, "building these circuitous cryptocurrency infrastructures in-house often takes, in some cases, years to complete." As is the instance with new technologies, "at that place are notwithstanding barriers to implementation which are slowing down the pace of adoption."

The report indicates that a lack of clear regulatory clarity within the market was cited by 33% of respondents every bit a barrier to entry, whereas 27% stated the vulnerability to scams is concerning, and 28% are worried about exchange charge per unit fluctuations.

While the cryptocurrency marketplace capitalization has proven its worth, sitting higher up $two trillion for well-nigh of 2022, it'southward clear that educating traditional retailers about their use case as a payments technology will still accept some time. However, every bit the manufacture has proven fourth dimension and time again, Kozyakov concluded, "it volition be the early movers who will reap the rewards."