4 in 10 US Merchants Now Accept Crypto: PayPal

Almost four in ten US merchants now accept cryptocurrency at checkout as customers have shown increasing interest in crypto for payments, according to a recent survey report from PayPal.

Nearly nine in ten US merchants stated that they’ve received customer inquiries about crypto payments, PayPal reported on Tuesday, citing data from a National Cryptocurrency Association survey.

The survey was conducted in October, with 619 payment-strategy decision-makers across several industries taking part. 

“What we’re seeing both in this data and in conversations with our customers is that crypto payments are moving beyond experimentation and into everyday commerce,” PayPal vice president and GM May Zabaneh said:

“Adoption is being driven by customer demand for faster, more flexible ways to pay—and once businesses start accepting crypto, they see real value.“

The survey also found 84% of merchants think crypto payments will become mainstream in the next five years.

Crypto has the potential to transform everyday payments by offering faster, cheaper, more transparent and more secure transactions compared to traditional methods, benefiting both customers and merchants. 

PayPal launched a crypto checkout tool in July that allows US merchants to receive payments with more than 100 cryptocurrencies.

According to the survey, adoption is strongest among large enterprises, while 32% of midsized businesses and 34% of small companies are accepting crypto.

Some larger US companies that accept crypto include Starbucks, Walmart, and Home Depot.

Among merchants that already accept crypto, these payments represent 26% of total sales, showing that customers are able and willing to pay with crypto when the option is available.