Crypto payments barely register among euro area merchants, ECB finds
Crypto remains a marginal payment option for euro area businesses: only 0.2% of online sellers accept crypto assets, and acceptance at physical points of sale is below 1%. By contrast, cash is still dominant, accepted by 92% of businesses with physical locations, while card acceptance is 88%. The biggest change is in mobile payments, which rose sharply to 68% acceptance from 36% two years earlier. Common mobile options include instant payments and digital wallets. Bank checks declined to 27%. When choosing payment methods, businesses most often cite consumer preference, followed by security and ease of handling. Firms that reject cash mainly point to weak customer demand, deposit/withdrawal hassles, and security concerns. The outlook is mixed across countries: some cash-accepting SMEs, especially in Cyprus, may stop taking cash, while others remain more supportive. The findings come as the ECB continues work on a digital euro.
