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Crypto Payments Gain Traction: Retail, Dining, and Luxury Lead the Way in Digital Currency Adoption

Last Updated November 30, 2023 1:19 PM
Giuseppe Ciccomascolo
Last Updated November 30, 2023 1:19 PM

Key Takeaways

  • The retail & e-commerce industry leads the way with the highest number of companies accepting cryptocurrency.
  • Food & dining and luxury retail complete the podium.
  • Surprisingly, tech is not at the top.

As the world of finance continues to evolve, cryptocurrency payments are becoming increasingly popular. A new study revealed that the retail & e-commerce sector is leading the way in cryptocurrency adoption, with the highest number of companies accepting crypto payments. Food & dining is second, while luxury retail closes the podium.

What’s more surprising is that the study shows that digital currencies are no longer just for tech enthusiasts and early adopters. A new study has revealed that cryptocurrency payments are gaining traction across a wide range of sectors, with retail, dining, and luxury leading the way.

These findings collectively demonstrate the increasing adoption of cryptocurrencies as a viable payment option across diverse sectors, paving the way for a more decentralized and digital financial landscape.

Retail & E-Commerce Holds The Crown

A study by crypto tax software CoinLedger  has unveiled the retail & e-commerce sector as the frontrunner in embracing cryptocurrency payments. This research compiled a list of over 300 companies that accept crypto as a payment method, categorizing them into respective industries to identify the sector with the most widespread crypto adoption.

With an impressive 60 companies accepting crypto payments, the retail & e-commerce sector stands out as the undisputed leader in this domain. This sector encompasses a diverse range of businesses, including clothing and accessories giants like Adidas, Yankee Candle, and H&M, alongside prominent online shopping platforms like Etsy.

Top 10 sectors offering crypto as payment method
Top 10 sectors offering crypto as payment method

This surge in crypto adoption within the retail & e-commerce sector underscores the growing acceptance of digital currencies as a mainstream payment method. As more and more businesses recognize the potential of cryptocurrencies to facilitate seamless and secure transactions, we can expect to see even wider adoption across various industries in the years to come.

Food And Luxury Also Love Crypto

Food & Dining

Second on the list is the food & dining sector, with 54 companies. Among the notable names embracing crypto payments are Chipotle, Chuck E Cheese’s, Domino’s, and Hard Rock Café. Delivery services such as DoorDash and Uber Eats have also joined the crypto bandwagon. This trend is particularly evident in Venezuela, where Burger King has accepted Bitcoin payments since 2020.

Luxury Retail

Luxury retail comes in third with 35 companies offering the service. High fashion brands like Gucci and Ralph Lauren, luxury watches retailer Hublot, and jewelers such as Jewelry Affairs and CRM Jewelers are embracing crypto payments, catering to a sophisticated clientele seeking seamless and secure digital transactions.

Travel & Hospitality

Travel & hospitality takes the fourth spot, with 31 companies accepting crypto payments. This sector encompasses commercial airlines such as Norwegian Air and Vueling, private jet hire companies like Fast Private Jet, LunaJets, and PrivateFly, and cruise giants Royal Caribbean and Princess Cruises. Online trip-organizing platforms like GetYourGuide are also leveraging crypto payments to facilitate travel bookings.

Internet & Online Services

Rounding out the top five is the Internet & online Services sector, with 28 companies accepting crypto payments. These companies offer a diverse range of online services, including Google Play and Spotify, for seamless digital entertainment. Additionally, VPN providers like CyberGhostVPN, ExpressVPN, and FrootVPN are embracing crypto payments to enhance user privacy and security.

Tech Disappoints

If you think of crypto, you think of innovation. And technology. Despite this correlation, tech companies accepting crypto occupy the last position in the top-10 table made by CoinLedger, falling behind sectors like entertainment & media, automotive, gaming & software, and non-profit & charitable organizations.

One reason for tech companies’ cautious approach to crypto payments might be concerns over regulatory uncertainty. The cryptocurrency landscape is still relatively new and evolving, and regulatory frameworks are still being developed. This lack of clarity can make businesses hesitant to embrace crypto as a payment option, fearing potential legal repercussions.

Another factor contributing to tech companies’ reluctance to adopt crypto payments could be their focus on user experience. Crypto transactions are often complex and require users to have a certain level of technical expertise. Tech companies, particularly those catering to a broad consumer base, might prioritize simplicity and ease of use, leading them to shy away from crypto payments.

Despite these challenges, there are signs that tech companies are slowly warming up to the idea of crypto payments. Some tech giants, such as Microsoft and Tesla, have begun accepting crypto for certain products and services. As the cryptocurrency ecosystem matures and regulations become clearer, we can expect tech companies to play a more prominent role in driving crypto adoption.

David Kemmerer, Co-Founder and CEO of CoinLedger , commented on the findings: “The increasing number of companies accepting cryptocurrency payments reflects the growing acceptance and adoption of digital currencies in the mainstream economy. This trend not only aligns with the evolving preferences of tech-savvy consumers but also offers benefits such as reduced transaction fees and increased security.”

“From major retailers to small businesses, the diversification of sectors embracing cryptocurrencies demonstrates the versatility and potential of blockchain technology. As this trend continues, it’s likely to contribute to the broader acceptance of cryptocurrencies as a legitimate form of payment, paving the way for a more decentralized and accessible financial landscape.”

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