TECH BUYER Feb 2022 - IDC Perspective - Doc # US48841822
Retail Applications of Cryptocurrency
This IDC Perspective discusses the current consumer-level cryptocurrency market, examining what is driving the increasing use of cryptocurrencies in retail point-of-sale payments as well as how consumers are beginning to learn of the advantages cryptocurrencies offer. Retailers, and the solution providers that cater to them, must be aware of the rapidly accelerating changes taking place in the perception, and adoption, of cryptocurrencies.
""While cryptocurrency has not been adopted by the mainstream (yet), there are strong currents that are stirring up at greatly increased interest,"" says Phillip Silitschanu, research director, Worldwide Blockchain, Cryptocurrency, and NFT Strategies at IDC. ""The burgeoning realization of the promise of cryptocurrency by ordinary consumers bode well for the quickening pace of adoption of cryptocurrency as a mainstream solution; the multitude of recent announcements by large corporations of their strategic — and financial — commitments to cryptocurrency as a legitimate channel to accept consumer payments signals a tipping point. Already, 51% of cryptocurrency holders state that they are ''more likely to purchase from a [retailer] that takes cryptocurrency.''""