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The crypto payment ecosystem CoinsPaid has conducted research on crypto payments integration in various areas - in fintech, e-commerce, Meta/VR, mining, web/digital industries. The goal was to identify the main barriers and motives for various businesses to accept crypto payments.
Here are some of the most valuable insights revealed by CoinsPaid's research:
1. Up to 85% of all payment traffic in the overall structure is occupied by online payments. Among online payments, up to approximately 70% are bank payments and business transfers through direct banking. Internet platforms (WebMoney, PayPal) occupy up to 30% in the structure of payments.
2. The share of crypto payments, if accepted by the merchant, averages up to 22%. The potential average turnover attributable to crypto payments is $440,000 per month.
3. To consider integrating crypto payments, at least 5% of traffic share is enough (about $100,000 per month in terms of average turnover).
4. The main requirement of merchants when choosing a payments provider is reliability, which is especially important in the post-FTX world and amidst the collapse of large American banks. The infrastructure must be stable and smooth, capable of accepting a big amount of payments in high volumes.
5. The most relevant barriers to using crypto payments are:
- volatility
- blockchain fees
- a complex payment maintenance process
- a non-automated reporting system.
These issues can be solved by:
- Using stablecoins for transactions or conversion to fiat and asset diversification
- Implementing settlements in networks with a lower commission
- Integrating ready-made solutions for payment processing
The report also studied motives for various businesses to accept crypto. The results show that businesses think of crypto as a way to solve the problems of large cross-border transfers, as well as quickly execute large tranches from clients and partners. Moreover, crypto payments also help companies create a payment channel between conflicting jurisdictions, and develop payment infrastructure.
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