Do you take crypto? One third of UK shoppers want to pay with crypto in 2022

Scepticism towards cryptocurrencies as legitimate legal tender is dissipating among consumers, according to new research by digital payments provider Checkout.com.

The company’s new report, titled ‘Demystifying Crypto: Shedding light on the adoption of digital currencies for payments in 2022’, found that 30 per cent of UK consumers, and 40 per cent of global consumers, intend to use crypto as a form of payment in 2022.

Merchants are also keen to progress crypto’s place in the payments system, according to the research.

The report, conducted across 11 countries, surveyed 30,000 consumers and 3,000 merchants to look at behaviours and sentiments towards commercial activity using cryptocurrencies.

Almost half of UK consumers surveyed said that they trust brands that accept crypto payments, and the report also showed, unsurprisingly, that crypto is gaining particular traction among younger demographics.

“The findings present a clear evolution of attitude toward cryptocurrencies around the world,” said Jess Houlgrave, head of strategy for crypto at Checkout.com. “This is a legitimate transition from the early adoption phase to one that’s more practical, pragmatic and positive overall.”

The interest is not purely among younger shoppers, either. CFOs and corporate treasurers are also increasingly willing to consider stablecoins as a balance sheet component, according to Checkout.com. Some are even considering paying vendors and employees in stablecoin, allegedly driven by employees themselves expressing an interest in being paid in crypto.

“The cryptocurrency world is maturing and is increasingly being driven by utility, pragmatism and empowerment,” added Houlgrave. “Checkout.com sees the potential for cryptocurrency to not only transform the way people transact, but also to potentially reinvent the dynamics of the entire digital economy.”

Checkout.com added that almost 70 per cent of the merchants surveyed believe that the speed of crypto payments has the potential to revolutionise their business models, with 80 per cent of those already using crypto payment options saying that it was easier to settle in crypto than using fiat currencies.