BASID payment gateway sponsored a survey to understand how buyers expect to use cryptocurrencies in their purchases. Most of the respondents confess they would prefer to see crypto payments integrated into new and existing retail apps and websites.
- Around 44% of respondents would like to use their crypto to buy daily needs such as groceries.
- More than 70% of respondents declare they would like to use crypto in existing apps.
- Almost 30% of participants already use cryptocurrencies on daily purchases.
Cryptocurrencies have been seeing mass adoption worldwide, mainly during the pandemic recession. Many believe in crypto’s mass adoption, which might depend on individuals’ opportunity to buy and sell products using cryptocurrencies.
In that sense — with cryptocurrencies being massively adopted worldwide — crypto payment gateways seem to be crucial in integrating cryptos as a payment method in new online merchants and existing retailers, such as Amazon, Zomato, or Uber.
Due to this fact, BASID, an innovative payment gateway, sponsored the Real Research Survey, “Payment Gateways User Needs,” in order to understand if people are interested in using cryptocurrency on daily needs and purchases now that the number of crypto users has risen.
Crypto: The Adoption of Digital Gold
Before going to the concrete analysis of the insights on the preferences of using cryptocurrencies in daily purchases, we tried to observe how broad is the adoption potential of the so-called digital gold.
In a previous survey entitled “Cryptocurrency for Digital Payments?,” we had already understood the growing number of crypto users on a global scale: this BASID-sponsored survey came to confirm the general adoption of digital currency.
To the question, “Do you own, hold, or ever-used cryptocurrencies before?” Only 17% of respondents said they had never used cryptocurrencies before. Of this, the majority (54.3%) used but exchanged them via fiat, and 28.7% still hold cryptocurrencies.
Accordingly, most respondents, as you can notice in the chart below, use cryptocurrencies more or less frequently.
To the question, “How frequently do you use cryptocurrencies on your goods’ purchases?”, surprisingly, almost 30% of respondents said “very frequently” followed by 25.8% affirming that they do it “frequently.” 24.5% of respondents say they use cryptocurrencies on their goods’ purchases, while only 14.2% affirmed “not frequently”, and 4.1% said “never.”
Users Expect Platforms to be More Crypto-Friendly
To the question, “How crypto-friendly would you like online platforms to order goods and products to be?” 81% of respondents clearly shown their preference for having crypto-friendly platforms. With the rise of digital payments, people seem to be more likely to purchase their goods in a convenient and peer-to-peer way, assuming that platforms should accept cryptocurrencies.
Only 19% of respondents affirmed believing that cryptocurrencies are not meant for goods’ payments yet.
Accordingly, participants say that they want to have the option to pay for their groceries with crypto. To this question, 43.7% of respondents affirmed being definitely interested in buying groceries with their crypto, 25.9% said they are somewhat interested, and 20.6% said they are somewhat not interested. However, only 5.1% responded negatively to this question.
This chart shows the users’ demand for more crypto-friendly platforms, mainly for daily needs such as groceries. Hence, a significant percentage of respondents chose ‘somewhat interested’ in using their cryptos on ordinary purchases.
Crypto Enthusiasts Want to See Existing Platforms Integrating Crypto
To the question, “would you like seeing existing platforms such as Zomato, Uber, Amazon, among other popular merchants implementing crypto in their payments?”, 71.4% of respondents said “somewhat yes” showing their interest in using crypto as a means of payment on their daily apps and websites.
Popular platforms for online purchases can observe the customers’ demand for crypto payments. Meanwhile, only a few participants showing a lack of interest in having this option.
In line with this, BASID provides an API for existing and new merchants. Thereby, offering companies the opportunity to take crypto and fiat payments. An apparent interest in crypto users extended to online shops and marketplaces. BASID aims to respond to its users’ needs. Thus, it integrates an API that is easy for developers to incorporate on mobile applications and e-commerce websites.
To the question, “how likely would you be more to choose a merchant if it had integrated a crypto payment gateway along with fiat payments?”, 40.9% affirmed they would be likely to choose platforms integrating crypto, and 41.2% said “somewhat likely.”
The charts above reveal the importance of existing and new platforms integrating crypto as an option for their payments. We are witnessing a rise in digital demand. Buyers continue to utilize fiat on their purchases. However, they see crypto as a legit and important means of payment to be widely accepted.
Real Research conducted the survey “Payment Gateways User Needs” to understand users’ demand for crypto payments on online marketplaces and platforms. The study is by BASID Coin and respondents comprise individuals globally of all ages.
As you can observe in the chart below, 71.8% of the respondents are male. Notably, this suggests a broader acceptance of cryptocurrencies by male shoppers. Despite targeting an audience of all ages, the survey kept the attention of the youngest, with the majority of participants being 29 to 39 years old.