78% of vendors plan to accept crypto by 2024
The retail and commerce business is constantly working on reducing purchasing barriers to create an ever more seamless shopping experience for (potential) customers. In our highly digitized world of multi-channel shopping, quick commerce, buy-now-pay-later services, social shopping and other commerce trends, the modern customer expects high standards when it comes to integrating shopping into their fast-paced daily routines. One of the most important aspects for a positive customer experience is the checkout process and, coming with it, a trouble-free payment with the customer’s preferred payment method. Salesforce surveyed more than 4,000 commerce leaders from the B2B and B2C business from different world regions to find out which payment methods vendors currently accept or plan to implement:
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Although the range of payment methods is broad nowadays, the “traditional” payment by credit card still seems to be the favorite option. Three in four commerce organizations currently accept payments by credit card. And most of the interviewed vendors who do not currently accept credit cards are at least planning to implement credit card payments within the next two years. Only around 5% do not plan to accept credit cards in the near future. Bank transfer and the leading western eWallet service PayPal are also accepted as a payment method by more than two thirds of vendors and will reach percentages of more than 90% within the next two years. Cryptocurrencies play a special role in this analysis. They are currently the least frequently accepted payment method in this comparison, but also expect the highest plus within the next two years. The acceptance rate of cryptocurrencies among commerce players will increase from currently 31% to 78%. When it comes to the current use cryptocurrencies, there are significant regional differences. Cryptocurrencies are especially popular in the following countries:
None of the world’s traditionally leading economies like the U.S., China or Germany can be found among the top cryptocurrency countries. The country with the highest usage rate of cryptocurrencies among commerce players in the Salesforce survey is the emerging economy India. With 42% of commerce players in India accepting crypto payment, crypto implementation is 12 percentage points above the survey average. With Thailand or Mexico, there are more emerging economies among the top 8 crypto countries in this analysis. But also European countries like the Netherlands or Italy have high rates of cryptocurrency implementation, with 10 and 6 percentage points above the average, respectively. Still, the growth in cryptocurrency implementation among commerce players shows that crypto is becoming ever more mainstream.
Source: ecommerceDB
