Data proves that merchants accepting cryptocurrencies is not only on the rise but also good for business. The research firm Forrester Consulting recently released a report after conducting a study surveying 690,000 consumers and business leaders around the world. The report shared significant insights into the effect that the integration of cryptocurrencies into business models has on its overall success.
Businesses Supporting Crypto
We’ve come a long way since the first Bitcoin transaction for two pizzas was executed in 2010. As crypto adoption increases at a steady pace, a cause close to our hearts, we were intrigued to see the data, and the report certainly corroborated what we suspected.
These were the main takeaways from the survey:
- 40% of the crypto-paying customers were new to the merchant.
- Crypto purchase amounts were double that of amounts charged to credit cards.
- Fees associated with crypto payments were significantly less than that of credit card fees.
- There were no fraud-related chargebacks with crypto transactions.
It was also noted in the report that merchants that incorporated the crypto payment services used in the study reported a 327% return on investment (ROI). The study went on to say, “While adoption of cryptocurrencies like Bitcoin is still emerging, [the merchants] have captured significant benefits at relatively low risk and cost.”
New Markets, New Customers
This study provides evidence proving that businesses that accept cryptocurrencies can expand their horizons in terms of market share and can reach international markets. Where credit card purchases are not feasible, cryptocurrencies provide the perfect solution as they offer a more efficient and transparent service, for a fraction of the cost.
With the right payment gateways integrated into the service, merchants can have the fiat equivalent of their crypto transactions in their local bank account by the next day. These gateways also eradicate concerns over market volatility and risk, with cryptocurrency transactions proving to be significantly safer as they eliminated credit card fraud.
Blockchain Devices Market Trajectory
The findings discussed above complement those of MarketsandMarkets, which reports that the global blockchain devices market is projected to grow 410% in the next five years, from $482,000,000 in 2021 to $2,459,000,000 by 2026. Blockchain devices include everything from blockchain smartphones to hardware wallets, PoS devices to blockchain IoT gateways and crypto ATMs.
Coin ATM Radar noted that between January 1st, 2021 and September 30th, 2021, 14,483 crypto ATMs were installed around the world. That equates to nearly 54 ATMs being installed every day for the first nine months of the year.
The Oobit Solution: Oobit Pay
Responding to shortcomings in the market, we designed Oobit Pay, an instant and fee-free crypto transfer service, to provide a seamless way in which consumers and merchants can perform transactions with crypto.
The product is centred around no delays, no waiting, and no hidden fees, and allows businesses to casually and conveniently incorporate cryptocurrencies into their portfolio of payment options. Not only can merchants serve and support fiat-paying customers, but now crypto adopters as well.
With over 300 million crypto users worldwide and over 18,000 businesses already accepting cryptocurrencies, can your business afford to stay on the outskirts?
If you’re a business owner looking to integrate cryptocurrencies into your business, get in touch with us and we’ll gladly show you the ropes. For everyone else looking to incorporate crypto into their daily lives, simply download the Oobit app and get started with Oobit Pay today.
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