Drofa Comms has recently guided an extensive study on the future of mass adoption in crypto payments in tandem with B2B and B2C industry leaders and we are excited to share the final results.
For our latest report, «Crypto Mass Adoption in Payments: Outlook for 2023», we conducted in-depth interviews with C-level executives from leading crypto payment firms: CoinsPaid, Mercuryo, and Sesame. These discussions provided valuable insights into the main obstacles to mass crypto adoption and the geographical distribution of adoption.
The results revealed a growing interest in crypto adoption in the Asia-Pacific (APAC) and Latin American (LATAM) regions. There, a significant portion of the population remains unbanked and lacks access to financial services. It’s worth mentioning that countries like Singapore and the UAE are actively facilitating the development of crypto payments. They’re actively establishing favourable regulatory frameworks for cryptocurrencies. Moreover, the luxury and travel industries, along with e-commerce, are projected to be at the forefront of adopting crypto payments in 2023.
However, the interviews also highlighted some challenges to address for widespread crypto adoption. They are the lack of global legal oversight and inadequate integration between traditional and decentralised finance (DeFi). Additionally, the underdeveloped user experience (UX) design and the lack of accessible crypto education were identified as primary obstacles. They explicitly hinder merchant adoption of crypto payments.
“2023 may serve as a transitional year for the entire industry with emphasis on establishing a proper crypto regulatory framework and rising opportunities for institutional investors boosting crypto adoption,” — says Masha Balanovich, External Communications Manager at Drofa Comms, “The research participants likewise note that leveraging a decentralised infrastructure for fiat-to-fiat transactions will become a major trend at the forefront of crypto payments adoption in 2023.”
At Drofa Comms, we are staying at the forefront of developments in decentralised finance. By conducting regular research and engaging with industry leaders, we aim to provide our clients with comprehensive insights and strategic guidance.
The full report is available below.
We’d like to thank the following for their participation in preparing this material:
Eugen Kuzin, Head of Marketing & PR at CoinsPaid;
Heshaam Hague, Head of Token Marketing at Sesame;
Petr Kozyakov, Co-Founder and CEO of Mercuryo.
