Growing Acceptance of Cryptocurrency Among US Merchants
By: Eva Baxter
The adoption of cryptocurrency as a payment method continues to grow among U.S. merchants, with recent surveys indicating that nearly four in ten now accept digital currencies at checkout. This trend is most prominent in the hospitality, travel, digital goods, and gaming industries. The shift is largely driven by increased consumer interest, with Millennials and Gen Z leading the charge as crypto-savvy shoppers.
According to a survey conducted by PayPal and the National Cryptocurrency Association, about 39% of U.S. merchants have integrated cryptocurrency payment options. This reflects a growing demand from buyers who regularly inquire about the possibility of using crypto for transactions. Notably, 88% of the merchants reported receiving questions regarding crypto payments, and 69% saw consistent demand for digital currency transactions at least once a month.
The data reveals that larger corporations, particularly those with annual revenues exceeding $500 million, are at the forefront of this shift, with nearly half of them accepting cryptocurrency. In contrast, smaller firms lag slightly behind, with 34% accepting crypto, while mid-sized companies are at about 32%. Industries that primarily operate online and cater to tech-forward audiences, such as travel, hospitality, and digital goods, are seeing the most significant adoption rates.
Merchants who have adopted cryptocurrency report that digital assets constitute over a quarter of their sales, showcasing the impact of crypto on their business models. The steady increase in crypto sales—-with 72% of merchants observing growth over the past year—-highlights why many companies are keen to maintain and enhance these payment options. Despite enthusiasm, merchants face challenges, particularly concerning the integration of payment systems. Simplified processes and clearer regulatory guidelines are among the critical needs merchants have identified to facilitate broader cryptocurrency adoption. The survey highlights an overwhelming consensus—about 90%—among merchants that they would readily accept crypto if the process were as seamless as traditional payment methods such as credit cards.
