BitPay was recently released A study that introduces four merchants from different companies who have implemented Bitcoin as a payment method. Parties selected to participate included a gold broker, an online gift card marketplace, a domain registrar that also serves as a hosting service, and an electronics retailer.
In the report Anonymous traders praised the lack of chargebacks related to cryptocurrency fraud and pointed out the enormous problem this problem faced with traditional institutions.
They also reported that While only 0.5% to 6.5% of total e-commerce sales came from crypto transactions, these contributed to increasing the flow of new customers by an average of 40% over the past three years..
During the pandemic, the study found that retailers reported an increase in online purchases. This increased the number of crypto transactions on their respective platforms. 11% of responding customers said they were using cryptocurrencies and other digital payment methods for the first time.
The report adds:
“The retailers surveyed identified an opportunity to increase sales by reaching a new customer segment who prefer to pay with Bitcoin and other cryptocurrencies when shopping online. While cryptocurrency buyers still account for a relatively small portion of the spending, crypto recognition is significant and on the rise.“.
In early September, a UK online grocery delivery platform called Just Eat added support for cryptocurrency payments for its subsidiary in France.