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February 28, 2022 • Issue 22:02:02

Cash, credit or crypto?

This, our second article in a series on crypto payments,
examines how crypto payment acceptance is popping up
at the POS, and how traditional payments companies are
responding.
The time is now for crypto

"I believe crypto is here to stay," said industry attorney
Adam Atlas. "Despite all the drama around hacking and
criminals using crypto, and complexity issues around
the technology, it has earned a place in the wallets of the
nation."
Andrea Ramoino, chief strategy officer at Contis, a London-
based banking-as-a-service provider concurred. "It might
feel cutting edge right now, but crypto is set to become
one of many payment norms—and much faster than many
businesses might think," he said. "Visa's latest figures help
resurrect the idea that cryptocurrencies are not intended to
just be an investment vehicle and will one day serve as a
By Patti Murphy spendable alternative to fiat currencies."
ust a few years ago, the notion of paying for pur-
chases with cryptocurrency seemed the province Just 15 percent of merchants surveyed by Paysafe said
of underground economies. Not anymore. Visa they don't ever expect to accept crypto payments, while 48
J reported that it processed $2.5 billion in crypto- percent are committed to accepting crypto payments, and
currency-based card payments during the first quarter of fast. "Businesses want to do this as soon as possible because
its 2022 fiscal year, which ended on Dec. 31, 2021. That's they see a need to futureproof their survival and growth,"
a 60 percent jump over the value of crypto card payments Patel wrote.
processed on the network in the second quarter of 2021.

Among U.S. and U.K. consumers surveyed last fall by
Paysafe almost one in 10 had adopted crypto as a payment Contributed articles inside by:
method since the outbreak of COVID-19. In a separate Matt Bivons .............................................................................................17
survey of businesses, Paysafe found 17 percent already
allow consumers to pay using crypto in some form, while Dustin Magaziner .................................................................................18
36 percent plan to introduce crypto into their checkouts
within a year. Just 15 percent said they saw no need to ever Jeff Fortney .............................................................................................28
accept crypto payments. Adam Atlas ..............................................................................................32
"If all these businesses do succeed on that ambition, then Srii Srinavasan ........................................................................................34
more than half of all businesses will be offering crypto Ken Musante ..........................................................................................36
payments by this time next year," Craig Patel, CEO for
digital wallets at Paysafe, wrote in a Feb. 1 blog post. TOC on page 3

Continued on page 26