ECB Finds Crypto Payments Barely Accepted by Euro-Area Merchants

Crypto assets have been promoted as an alternative to conventional payment networks, but volatility, compliance requirements, checkout integration costs and limited consumer demand have hindered their use in everyday commerce. Merchant acceptance is a key test of whether cryptocurrencies can function as money rather than primarily as investments. The European Central Bank’s findings also provide context for its digital euro project, intended to create a widely usable public payment option across the currency bloc.

The ECB published its Use of Cash by Companies in the Euro Area survey on Sept. 24, 2024, using data collected by Verian in February and March. Just 0.2% of online merchants accepted crypto assets, while acceptance among businesses with physical locations remained below 1%. By contrast, the share of companies accepting online or mobile payments rose to 37% in 2024 from 30% in 2021. Cash and cards remained dominant, accepted by 88% and 85% of surveyed companies, respectively, as the ECB continued developing the digital euro.