• 62 percent of merchants are interested in using NFTs as part of loyalty programs

  • According to a new Checkout.com research, the number of retailers and online businesses aiming to integrate cryptocurrency in the near future is steadily expanding. Approximately 62 percent of shops want to include digital tokens or NFT in loyalty programs, while 23 percent of online firms want to offer crypto payment methods by 2024.

    The poll was sent to 3,000 respondents from ten countries, the majority of whom were platform-based online B2C marketplaces, fintech, and e-commerce companies. The majority of responders were from the United States, with the rest coming from major economies such as Australia, France, Germany, and the United Kingdom. The respondents themselves were between the ages of 25 and 45.

    According to the survey, crypto appears to be making inroads into the mainstream, with 40% of 18–35 year olds indicating they would like to pay for products and services using cryptocurrency by 2022. This is a significant figure, however it is important to note that the sample is a small percentage from a few countries.

    Perhaps governments and officials will take note of the findings of such surveys. Most lawmakers have chastised cryptocurrency as being excessively volatile, but there is some hope in the form of stablecoins, which 77 percent of businesses say increased cross-border sales.

    On the horizon, adoption is becoming increasingly popular.

    The report’s data is consistent with other reports and market trends, which have showed a significant increase in online shops and merchants in recent months. As governments have gotten more accepting of the crypto asset class, retailers have become more open to the idea of accepting it as payment.

    Of course, challenges remain, and it will be some time before the widespread usage of cryptocurrency as a payment method becomes a reality. One of the main problems is volatility, which is addressed with stablecoins. However, there has been regulatory concern about stablecoins, but the market should soon see how officials address this.

    In any event, as the paper points out, favorable crypto legislation might result in numerous advantages for both businesses and customers. This has the potential to propel the economy forward and provide up new opportunities for enterprises that have been harmed by the outbreak.

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