Crypto Payments Volume In eCommerce Surges by 63% Despite Challenging 2022

Crypto Payments Volume In eCommerce Surges by 63% Despite Challenging 2022

At first glance, the ongoing bear market suggests that cryptocurrencies and their usefulness as means of payment have lost traction. But what do the actual numbers tell us about the crypto activities happening in retail?

The number of merchants accepting cryptocurrency payments is growing even when markets are experiencing a significant downturn. Meanwhile, the number of cryptocurrency transactions in the e-commerce sector has been climbing steadily.

Cryptocurrency payment processor CoinGate has compiled a report on the behavior of crypto-friendly shoppers and merchants over the past couple of years. Interestingly, the statistics reveal that despite the ongoing ‘crypto winter’, crypto payments in eCommerce continue thriving.

Interest in shopping with crypto is gaining momentum

The study shows that in 2022, CoinGate-powered merchants have collected 927,294 crypto payments in total, or approximately 2.7 times more than the yearly average, marking a 63% increase from the previous year of 2021.

The number renders to one paid crypto order processed by CoinGate every 34 seconds.

The most popular cryptocurrencies for payments

Some cryptocurrencies are being used for payments more frequently than others.

According to CoinGate, in 2022, Bitcoin accounted for nearly half or 48% of all transactions. Notably, it’s 7.6% less than in 2021, suggesting that Bitcoin’s dominance in payments, despite the growing number of transactions, has been slightly diminished by altcoin payments.

The second most popular cryptocurrency used for shopping in 2022 was USDT, with 14.8% dominance, followed by Ethereum (10.9%), Litecoin (9.6%) and TRON (5.8%).

Lightning Network continues to grow

In 2022 alone, payments made through CoinGate’s Lightning Network node grew by 97% and accounted for 6.29% of all orders paid in Bitcoin, compared to 4.53% in 2021. That means, on average, every 16th order at CoinGate was paid using the Lightning Network layer last year.

Crypto payments retain merchants’ curiosity

Despite the overall market downturn, CoinGate has witnessed a 48% increase of newly registered merchants in 2022 compared to 2021, with such industry juggernauts like NordVPN joining the list of crypto-friendly establishments.

The most common reason for accepting crypto payments cited by merchants remains the same every year – better accessibility to services for the unbanked and privacy-conscious customers, ultimately resulting in more sales.

According to the CEO of IT infrastructure service provider Cherry Servers, Vaidas Rutkauskas, accepting crypto payments was one of the most successful business decisions in a long time.

“We have integrated crypto payments based on our customer needs – most of them prefer paying with crypto,” explains Vaidas, adding that “customers were happy with the innovation, and we were excited about the opportunity to offer our services to an even wider range of customers. Currently, crypto payments take up a large part of our basket, and consistent growth is observed.”

Since today’s payment processors eliminate the headache of crypto price volatility by allowing instant settlements to fiat currencies, there aren’t many reasons why setting up crypto payments shouldn’t be considered by merchants seeking innovative ways to reinvigorate their businesses.

That’s also the train of thought of another company that employs CoinGate payment processing services – Hostinger: “Not only we have the option to offer different types of cryptocurrencies for payments, but we are also able to control the volatility risk by converting crypto to fiat instantly, which is one of CoinGate’s features we enjoy the most,” says Gediminas Griška, Hostinger’s Head of Payments.

Crypto payments are not going out of fashion just yet

One thing that can be said with confidence is that cryptocurrency payments are far from an armageddon scenario and are actually showing signs of growth.

Will businesses finally take notice and adopt alternative means of payment on a broader scale? Only time will tell, but the positive signs are not to ignore.

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Typically thought of as being an easy to clean area of the home, hard floors have risen in popularity in recent decades. Globally, hard floors are the most common floor type,2 and research released today by Dyson has uncovered poor cleaning habits that mean hard floors are likely to be harbouring an array of hidden nasties. This comes as 32% of Brits – equating to 21.6 million people in the UK – will use the same dirty mop head for six months or more before replacing it. What’s more, one in 20 also admit to keeping the same mop for a year or longer, and one in 10 think it is acceptable to use the same mop 100 times, spreading dirt around their floors every time they use it. Cross contamination is a primary issue for most common and traditional mopping methods with germs and bacteria further being unknowingly spread around homes as Brits use dirty water to clean floors.3 45% only change the water to new water between rooms, whereas 41% wait even longer until it looks dirty. This could mean that floors are being washed with dirty water, adding more dirt rather than taking it away. Surprisingly, almost one in 10 (9%) even admit to not changing the dirty water at all when mopping. Over a quarter (28%) admit to mopping their floors once a fortnight or less while over half (53%) admit they don’t regularly clean behind appliances and leave dirt to build up for as long as six months at a time. image002.jpg On how to achieve a perfect barefoot clean feel after mopping, Geli Lee, Dyson Engineer and Home Cleaning Expert offers their top tips for eliminating dirt around the home: 1. Create a cleaning schedule to stay on top of dirt build-up. In the last year, there has been a 15% global reduction in the number of people who maintain regular cleaning schedules. 47% of the British public admitted to only being motivated to clean when they spot visible dirt or dust.4 Regular floor cleaning with a wet hard floor cleaner like the Dyson WashG1™ removes more stubborn dirt than vacuuming alone. It is important to have a debris free surface, clear any clutter from the floor or other surfaces. Choose the right machine: Different vacuums are designed for different floor types and home sizes. Some machines will be engineered with hard floors in mind and will struggle on thick pile carpets, for example. Choosing the right machine for your home will make a big difference to the ease and speed with which you’re able to clean your home. Clean your floors ‘little and often’. Washing your floors frequently in areas that receive more foot fall will help to stop dirt building up and getting trodden into your floor. Using a dedicated wet floor cleaner on hard flooring such as the Dyson WashG1 is helpful for this, as the versatile format means it vacuums and washes the floor simultaneously. Cleaning schedules have also become less regimented. In recent years only 41% of people claim to have a regular cleaning schedule, and 60% admit to cleaning reactively; being motivated to clean only when there is visible dirt or dust5. It’s perhaps not surprising, that a fifth of people are still concerned their floors are dirty after they’ve mopped them (22%) and one in four6 feel extremely worried about indoor dust at home. Geli Lee, Dyson Engineer and Home Cleaning Expert reveals why it is important to change the way we mop: “Cleaning your hard floors properly and regularly is important for maintaining a healthy environment around your home. Without a proper cleaning routine, dirt may unknowingly build up and spread around your home. It is evident from our research that current mopping habits mean British households aren’t cleaning their floors as effectively as they should. “From ignoring problem areas where dust and debris build up, cross contamination with dirty water to not replacing mop heads or inconsistent cleaning, current mopping behaviours may be making floors dirtier as opposed to cleaner. Moving away from traditional methods, wet floor cleaners like the Dyson WashG1 simplify the floor cleaning experience and provide a modern efficient and hygienic solution” To help take the guesswork out of mopping, the brand new WashG1 is Dyson’s first dedicated wet floor cleaner that tackles wet and dry debris in one go. Engineered for hygienic cleaning and maintenance, the WashG1 is revolutionising wet floor cleaning, removing the need for multi-products and multi-steps to achieve a barefoot clean feel around the home. To put the product to the test, Dyson have cleaned one of London’s most iconic landmarks The Victoria and Albert Museum. From cleaning the grand marble floors housing the most prestigious exhibits, to cleaning up leftover food in the Gamble Room Cafe, the WashG1 had a dirt busting tour of the museum leaving it spotless. Images can be found here. The WashG1 introduces Dyson’s engineering expertise to cleaning hard floors. With a 1 litre clean-water tank to cover flooring up to 290m2, the Dyson WashG1 uses a combination of hydration, absorption, and extraction technologies to remove wet and dry spills and stains simultaneously. The Dyson WashG1 is available to purchase now from Dyson.co.uk, retailing at £599.99.

Typically thought of as being an easy to clean area of the home, hard floors have risen in popularity in recent decades. Globally, hard floors are the most common floor type,2 and research released today by Dyson has uncovered poor cleaning habits that mean hard floors are likely to be harbouring an array of hidden nasties. This comes as 32% of Brits – equating to 21.6 million people in the UK – will use the same dirty mop head for six months or more before replacing it. What’s more, one in 20 also admit to keeping the same mop for a year or longer, and one in 10 think it is acceptable to use the same mop 100 times, spreading dirt around their floors every time they use it. Cross contamination is a primary issue for most common and traditional mopping methods with germs and bacteria further being unknowingly spread around homes as Brits use dirty water to clean floors.3 45% only change the water to new water between rooms, whereas 41% wait even longer until it looks dirty. This could mean that floors are being washed with dirty water, adding more dirt rather than taking it away. Surprisingly, almost one in 10 (9%) even admit to not changing the dirty water at all when mopping. Over a quarter (28%) admit to mopping their floors once a fortnight or less while over half (53%) admit they don’t regularly clean behind appliances and leave dirt to build up for as long as six months at a time. image002.jpg On how to achieve a perfect barefoot clean feel after mopping, Geli Lee, Dyson Engineer and Home Cleaning Expert offers their top tips for eliminating dirt around the home: 1. Create a cleaning schedule to stay on top of dirt build-up. In the last year, there has been a 15% global reduction in the number of people who maintain regular cleaning schedules. 47% of the British public admitted to only being motivated to clean when they spot visible dirt or dust.4 Regular floor cleaning with a wet hard floor cleaner like the Dyson WashG1™ removes more stubborn dirt than vacuuming alone. It is important to have a debris free surface, clear any clutter from the floor or other surfaces. Choose the right machine: Different vacuums are designed for different floor types and home sizes. Some machines will be engineered with hard floors in mind and will struggle on thick pile carpets, for example. Choosing the right machine for your home will make a big difference to the ease and speed with which you’re able to clean your home. Clean your floors ‘little and often’. Washing your floors frequently in areas that receive more foot fall will help to stop dirt building up and getting trodden into your floor. Using a dedicated wet floor cleaner on hard flooring such as the Dyson WashG1 is helpful for this, as the versatile format means it vacuums and washes the floor simultaneously. Cleaning schedules have also become less regimented. In recent years only 41% of people claim to have a regular cleaning schedule, and 60% admit to cleaning reactively; being motivated to clean only when there is visible dirt or dust5. It’s perhaps not surprising, that a fifth of people are still concerned their floors are dirty after they’ve mopped them (22%) and one in four6 feel extremely worried about indoor dust at home. Geli Lee, Dyson Engineer and Home Cleaning Expert reveals why it is important to change the way we mop: “Cleaning your hard floors properly and regularly is important for maintaining a healthy environment around your home. Without a proper cleaning routine, dirt may unknowingly build up and spread around your home. It is evident from our research that current mopping habits mean British households aren’t cleaning their floors as effectively as they should. “From ignoring problem areas where dust and debris build up, cross contamination with dirty water to not replacing mop heads or inconsistent cleaning, current mopping behaviours may be making floors dirtier as opposed to cleaner. Moving away from traditional methods, wet floor cleaners like the Dyson WashG1 simplify the floor cleaning experience and provide a modern efficient and hygienic solution” To help take the guesswork out of mopping, the brand new WashG1 is Dyson’s first dedicated wet floor cleaner that tackles wet and dry debris in one go. Engineered for hygienic cleaning and maintenance, the WashG1 is revolutionising wet floor cleaning, removing the need for multi-products and multi-steps to achieve a barefoot clean feel around the home. To put the product to the test, Dyson have cleaned one of London’s most iconic landmarks The Victoria and Albert Museum. From cleaning the grand marble floors housing the most prestigious exhibits, to cleaning up leftover food in the Gamble Room Cafe, the WashG1 had a dirt busting tour of the museum leaving it spotless. Images can be found here. The WashG1 introduces Dyson’s engineering expertise to cleaning hard floors. With a 1 litre clean-water tank to cover flooring up to 290m2, the Dyson WashG1 uses a combination of hydration, absorption, and extraction technologies to remove wet and dry spills and stains simultaneously. The Dyson WashG1 is available to purchase now from Dyson.co.uk, retailing at £599.99.

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