Cryptocurrency remains on the fringe as a payment method among euro area businesses, according to a recent report released by the European Central Bank (ECB). The study shows that while digital payment options are expanding rapidly, crypto has yet to gain significant traction in commercial transactions across the region.
ETH
SOL
BSC
ROBINHOOD
USDT
AAPLECB survey: Crypto barely registers in business payments
The ECB revealed that only 0.2% of companies selling goods and services online accept crypto assets as payment. In contrast, traditional payment methods continue to dominate. Cash remains widely accepted at physical points of sale, with 92% of surveyed companies stating they take cash payments.
Ipsos, a global market research firm, conducted the telephone survey between February 23 and April 10. The research covered 8,205 businesses spanning 21 euro area countries, including sectors such as retail, hospitality, and arts and entertainment.
The ECB, serving as the central bank for the euro and overseeing monetary policy in the eurozone, released these findings as it progresses with the digital euro project, a proposed central bank digital currency (CBDC). The digital euro is designed to complement cash and reinforce the euro’s function in everyday payments.
Cash remains the most dominant form of payment acceptance at physical locations, holding steady at 92%, while digital payment options such as mobile wallets and cards are becoming more widespread. Crypto assets, however, continue to see negligible adoption, with acceptance rates staying below 1% both now and in the near future.
Mobile and card payments gain ground, crypto lags behind
Mobile payments saw the fastest growth among all payment types. Acceptance rates at physical locations are projected to climb from 36% in 2024 to 68% by 2026, reflecting the popularity of instant payments and digital wallets like Apple Pay and Google Pay.
Traditional payment instruments have also seen modest increases. Acceptance of physical cards in stores rose from 87% to 88%, while cash usage edged up from 90% to 92%. Meanwhile, stablecoins and other crypto assets remain below 1% in acceptance at point-of-sale terminals. Bank checks, however, experienced a notable decline, with acceptance rates falling from 36% to 27%.
| Payment Method | 2024 Acceptance | 2026 Proj. Acceptance |
|---|---|---|
| Cash | 90% | 92% |
| Physical cards | 87% | 88% |
| Mobile payments | 36% | 68% |
| Crypto assets & stablecoins | <1% | <1% |
| Bank checks | 36% | 27% |
Consumer demand shapes payment choices
Consumer preference emerged as the leading consideration for businesses choosing which payment options to support, with 26% ranking it as their top priority. Security followed at 22%, and ease of handling at 15%.
For companies declining cash, the most cited reasons were weak customer demand at 36%, practical challenges with depositing or withdrawing cash at 35%, and concerns over security at 29%.
The willingness of merchants to accept cash also varies significantly by country. In Cyprus, 51% of small and medium-sized enterprises indicated they might stop accepting cash in the future, compared to 23% in Greece and 18% in Bulgaria.
Clarity lacking on crypto acceptance definitions
The ECB survey questioned whether euro area businesses accept crypto assets or stablecoins, mentioning Bitcoin (BTC), Ether (ETH), and Tether’s USDt (USDT) as examples.
Several crypto payment processors offer merchants settlement in fiat currency, allowing customers to pay with cryptocurrency while businesses receive euros or another traditional currency. The ECB noted the survey did not specify whether such transactions should be classified as accepting crypto payments, leaving grey areas in measurement.
When asked if regulatory ambiguity could impact the accuracy of merchant responses, ECB representatives declined to offer speculation. The ECB also clarified that it does not set payment regulations and referred further questions to the European Commission and national authorities.
Mini dictionary: European Central Bank (ECB), the central bank for the euro, manages monetary policy for countries using the euro currency and oversees the stability of the euro area financial system.
