In-store shopping is back, with physical retail on track to reach 80% of global retail sales this year. Competition is surging too, so retailers must attract new shoppers through differentiation.
As today’s shoppers celebrate the in-person experience post-COVID, it’s become clear to me that merchants accepting crypto can differentiate themselves from the pack and attract new and eager customers. As early as 2021, a Deloitte survey of 2,000 senior consumer retail executives revealed that 87% believed that accepting crypto delivered a competitive advantage, and nearly 75% were planning to take crypto or stablecoins within two years.
Crypto Payment Options will be the New Normal
The day is coming soon when merchants that are unable to accept crypto will lose out on a motivated group of consumers looking for ways to spend their wealth. 65 million people in the U.S. own crypto, translating to almost 28% of U.S. adults. These crypto holders are mostly found in the consumer sweet spot ranging from younger Gen Xers to older Millennials. They are currently flush with Bitcoin, Ethereum and other digital currencies, and are looking to leverage the current high values before they take a dip again. And it’s not just the U.S. — in Asia the number of crypto holders is even higher, at 327 million.
According to a Capital One study, as of late 2024 as many as 65% of consumers would like to be able to make payments with cryptocurrency, and 80% of those are interested in using crypto to purchase daily retail consumer goods. In fact, Worldpay’s 2025 payments report conservatively predicts global crypto spend to more than double over the next five years, from $16 billion in 2024 to $38 billion to 2030.
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A Plethora of Retailer Opportunities
Imagine a new demographic of crypto-wealthy individuals buying art at a Sotheby’s auction, or a next generation of world travelers using crypto to purchase a line of luxury bags. Restaurants in New York could attract swaths of foreign guests looking for an unforgettable meal, assuming that they accept crypto.
From the merchant perspective, crypto payment acceptance is actually much less expensive than the costs associated with credit cards. However, offering a crypto payment option is only going to be viable if retailers can eliminate friction and create a seamless process. Shoppers won’t put up with inefficiencies. Long cash register lines, for example, can be the kiss of death.
Fortunately, new payment gateways that convert crypto to dollars can be extremely quick — settling in 15 seconds. It’s crucial to have the currency conversion happen at the same time. Having a ‘buy with crypto’ option can be as natural as selecting Visa, Mastercard or Apple Pay. QR codes can be generated and used for purchases so that a crypto purchase becomes as seamless as a credit card tap on a POS device.
To make crypto payments as simple and risk-free as possible for retailers, the crypto POS process must insulate a merchant from any exposure to the crypto market. The integration that happens in the background also must be easy, using an API.
The early adopters for crypto payments are frequently brick-and-mortar merchants offering non-essentials such as coffee, cannabis or tattoos.
Online retailers also are excited to offer crypto payment options for small or large items. In fact, it has become very normal to buy large items online, sight unseen. According to an Ernst & Young Survey, 25% of the world’s consumers would buy a car completely online. The truth is that digital sales and digital currencies are a natural fit.
A Crypto-Friendly Political Climate
It is no secret that today’s interest in cryptocurrency is closely tied to politics. In the U.S. in particular, the President has announced his intention to “position America as the global leader in cryptocurrency.” The now crypto-friendly regulators are expected to deploy ground rules that allow digital currencies to move from the Wild West to “the new normal.” As a former investment banker, I applaud the regulation efforts and look forward to a level playing field that all members of the industry can build on.
Over time, as the ease and attractive lower cost of crypto conversion makes its way to the mainstream, I believe crypto will inevitably become a default payment option. Despite market fluctuations, Bitcoin and crypto are here to stay, and retailers can reap the benefits.
Shane Rodgers, CEO of PDX Global, has more than 30 years’ experience in investment banking and corporate finance, as well as management and operations, in Australia and the United States. He has invested in and has raised capital for companies across a diverse range of sectors, including media and communications, power generation, real estate, oil and gas, business and financial services and biotechnology. He’s also served on the boards of global public and private companies in numerous industries prior to working with PDX. Rodgers also has originated, or advised upon, a variety of reverse-merger transactions in the United States since 1985, and has structured and negotiated tax-efficient debt and equity financings in the power generation sector.
