A new survey commissioned by PayPal and conducted on behalf of the National Cryptocurrency Association reveals a significant shift in business sentiment toward cryptocurrency payments. The survey, which polled approximately 620 payment strategy decision-makers in late 2023, found that 85% of respondents expect crypto payments to become commonplace within the next five years.
The expectation is driven by direct customer demand and tangible business results. Nearly 90% of merchants reported receiving customer inquiries about paying with cryptocurrencies like Bitcoin or Ethereum. In response, about 40% of surveyed businesses have already integrated crypto as a payment option at checkout.
For these early adopters, the impact is substantial. Crypto transactions now represent over a quarter of total sales for businesses that accept them. Furthermore, roughly 75% of these merchants reported an increase in crypto sales over the past year, indicating strong growth in this revenue stream.
May Zabaneh, Vice President and General Manager of Crypto at PayPal, stated, "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. 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 highlights that adoption is being spearheaded by large enterprises. About 50% of businesses with annual revenue over $500 million already accept crypto, compared to 34% of small businesses and 32% of midsize companies.
Despite the optimism, barriers remain. The survey notes that 90% of merchants would experiment with crypto if the user experience matched traditional card payments and the setup process was equally simple. Stu Alderoty, President of the National Cryptocurrency Association, emphasized the need for education, stating, "What this data makes clear is that interest in crypto isn’t the problem; understanding is... That's why partnerships with trusted platforms like PayPal are so important."
The findings arrive amid a broader evolution in the stablecoin sector, following the passage of the GENIUS Act, which provides regulatory guidelines for fiat-pegged tokens. PayPal's own stablecoin, PYUSD, is cited as an example of major payment institutions embracing this technology.
