Bitby recently released a study highlighting 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 acts as a hosting service, and an electronics retailer.
In the report, according to Queen Telegraph, unnamed merchants praised cryptocurrencies in protecting against fraudulent chargebacks, noting the magnitude of this problem when Dealing with traditional institutions.
they also reported that while only 0.5% to 6.5% of all e-commerce sales came from cryptocurrency transactions, as this helped boost the influx of new customers by 10%. 40% on average over the past three years.
During the pandemic, the study reported that merchants reported an increase in online shopping. This boosted the number of cryptocurrency transactions on their platforms, as 11% of responding customers stated that they were using digital currencies and other digital payment methods for the first time.
The report added: The merchants interviewed identified an opportunity to increase sales by reaching a new customer segment that prefers to pay with Bitcoin and other digital currencies when shopping online. While cryptocurrency buyers still account for a relatively small share of spending, the recognition of cryptocurrencies is large and growing.
At the start of September, a British online food delivery platform called Just Eight added cryptocurrency payment support for its subsidiary in France.
