HomeINDUSTRY INSIGHTGrowth expected for cryptocurrency in retail

Growth expected for cryptocurrency in retail

Crypto cryptocurrency bitcoin

Over 50 retailers in New Zealand are accepting cryptocurrency as a form of payment, however the country “still has a long way to go” before it can be considered mainstream for retail according to the co-founder of the country’s most popular bitcoin site.

Cryptocurrency has seen exponential growth in recent years as more people begin to invest in forms of crypto such as Bitcoin and Ethereum.

Over 18 percent of New Zealanders have crypto, and this rate is expected to grow rapidly in the coming years.

Janine Grainger, co-founder of EasyCrypto, the country’s most popular site to sell and buy bitcoin, says that with more people investing in cryptocurrency, more retailers are accepting it as a form of payment.

Read more: Should you accept cryptocurrency in your store?

In New Zealand, there are 52 retailers that accept cryptocurrency as a payment option, this includes the Auckland City Hotel, Plunket, Oyster and Chop and many more.

However, Grainger says that the use of cryptocurrencies in retail is “bigger than it is” as customers can now use crypto credit cards to pay, regardless of whether the retailer accepts it as a payment.

The crypto credit cards are very popular in New Zealand, but Grainger adds that New Zealand “still has a long way to go” to reach seamless payment options for people who have cryptocurrency.

Janine Grainger EasyCrypto
Janine Grainger.

“We’re still far away from being widely accepted,” she says.

Ways to pay with cryptocurrency are not yet easy and simple and New Zealand is not yet “there” for it to be a mainstream form of payment, says Grainger.

But Grainger says New Zealand is building towards a “seamless” way of payment for cryptocurrency. At one point in the future, customers will be able to scan a QR code and choose how they can pay whether it be through cryptocurrency or through the country’s currency.

In a survey done by EasyCrypto earlier in the year, 40 percent of crypto consumers believe that the New Zealand currency and crypto will coexist in the future.

Nine percent are expecting cryptocurrency to replace the New Zealand dollar one day.

People aged 20 to 30 are the largest age group to invest in cryptocurrency in New Zealand, and over the past six months this has grown larger with the hype around NFT’s.

Many young people in New Zealand use cryptocurrency as an investment asset, Grainger says, because many think the housing market is impossible to enter, many turn towards the online currency.

The interest of cryptocurrency within this age group peaked as information is easily accessible online on popular platforms such as TikTok.

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Bernadette is a content writer across SCG Business titles, The Register and Idealog. To get in touch with her, email bernadette.basagre@scg.net.nz