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The Fast Payments Council (FPC) and Ripple have recently carried out a survey to establish the interest level of merchants in cryptocurrencies.
They have recently carried out a joint survey to establish what the merchants want to do with cryptocurrencies in the upcoming years.
The survey has revealed that half the total merchants want to accept cryptocurrencies within three years.
Going forward, the merchants may spend heavily to invest in cryptocurrencies. They may accept cryptocurrencies for settlement purposes in the next three years.
In recent years, merchants and retailers have shown a great level of interest in cryptocurrencies. They are completely fine with settling transactions and financial transactions using cryptocurrencies.
The adoption of cryptocurrencies may become common for settlements among merchants.
A survey carried out by FPC and Ripple
According to the teams, the survey was carried out among 300 merchants from all over the world. It has shown that more than half of the merchants are open to accepting cryptocurrencies in the upcoming years.
The surveyed merchants were from Africa and the Middle East. The merchants were asked in the survey if they want to adopt cryptocurrencies or are open to accepting cryptocurrencies in the future.
More than half of the total participants in the survey said “yes” to the survey, confirming that they are or may be open to accepting crypto in three years’ time.
Detailed Survey Results
Surprisingly, the merchants who participated from the African and Middle Eastern regions are more bullish about the adoption of cryptocurrencies.
According to the data shared by the officials, 27% of the total merchants are bullish about the adoption of cryptocurrencies.
The mentioned percentage of merchants see themselves accepting cryptocurrencies in the next 12 months.
The most bearish group out of the total participating merchants were the ones from Latin America. 67% of the total participants from the Latin American region are bearish about the adoption of cryptocurrencies.
According to the survey, the particular group sees themselves adopting and accepting cryptocurrencies in over three years.
Main Merit for Crypto Adoption
According to the survey, there is one major reason why merchants are eager to adopt cryptocurrencies.
It suggests that more than 50% of the total participants want to adopt cryptocurrencies because of the low fees. It is very expensive and costly to make local and international payments/transactions using traditional financial mediums.
With time, as inflation rates have continued rising alongside the interest rates, people are eager to find other means of lowering costs.
The survey suggests that the main reason why merchants are eager to accept cryptocurrencies is because of the lower costs.
Even corporate businesses and major industries are aiming to adopt cryptocurrencies as they incur lower costs for users. This is the main merit that has encouraged merchants to adopt cryptocurrencies.
Processing Costs are Rising
In recent years, even governments from around the world have started to rethink their policies pertaining to domestic and international transactions.
According to the research, local and international transactions cost a lot. Therefore, it is very important for governments to lower the costs.
Given the current economic situation, it is not possible to lower the costs of international and domestic transfers.
This is when the cryptocurrencies come in offering a great level of utility and lower costs to users and to governments alike.
Under normal circumstances, the senders have to incur 4% processing fees as they may international and domestic transfers.
The survey has shown that in the upcoming years, the adoption level of cryptocurrencies may rise significantly.
In recent years, major companies such as PayPal have started to accept and process transactions in cryptocurrencies. They are facilitating these transactions to make them more adaptable for investors and users.
Amazon has also started to accept cryptocurrencies in order to facilitate their users. They can now pay using cryptocurrencies through Amazon for acquiring products.
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