Despite the early promises of blockchain technology to revolutionize global finance, cryptocurrency payments, while gaining traction, remain a small fraction of the overall market. Industry experts point to a combination of traditional financial inertia, volatility, and regulatory uncertainty as key factors hindering widespread adoption.

Petr Kozyakov, co-founder and CEO of Mercuryo, a payment infrastructure platform, highlighted these challenges, stating, “It boils down to a mix of inertia and uncertainty. Traditional finance has been around forever and people trust it, even if it’s slow and expensive. Cryptocurrency, especially stablecoins, are still comparatively new and that makes businesses and regulators nervous.”

Kozyakov’s assessment aligns with findings from recent reports analyzing the crypto payment landscape. For instance, marketer Linda Roper wrote in a blog post that resistance to change while normal it can be damaging when it stops a finance team from broadening its horizons and thinking outside the box. On the other hand, a recent survey by Bitget found that while users prefer crypto payments for speed, security concerns remain a key barrier.

Furthermore, the lack of a unified global regulatory framework creates a complex landscape for businesses operating in the crypto space.

However, proponents argue that the cryptocurrency payment landscape has evolved with significant advancements in security and scalability, which in turn pave the way for mainstream business adoption. Kozyakov, a veteran in the payments industry, concurs and adds that the crypto space has reached a crucial turning point, fueled by technological improvements and growing user confidence.

“We’re definitely getting there,” Kozyakov stated, addressing the question of whether mainstream businesses can now confidently accept crypto payments. He told Bitcoin.com News about the dramatic improvements in security, particularly in Web3 protocols and custody solutions. “Think about how much stronger [they] are compared to five years ago, when network outages—sometimes for hours at a time—were the norm and were tolerated.”

Kozyakov also pointed to the significant strides made in scalability, thanks to Layer 2 solutions and high-speed networks. However, he emphasized that the most crucial shift is user acceptance. “People are more comfortable with digital wallets, and as education spreads, the hesitation to engage with crypto fades.”

Regarding the argument from crypto advocates that cryptocurrency will become a significant backbone for payment systems in the future, the Mercuryo CEO said he remains bullish but admitted that regulatory gaps and technological mismatches are hurdles that must be overcome. Still, he noted that this transition will not be sudden, as some hope.

“In my opinion, there won’t be some Eureka moment when crypto arrives on the world stage. It’ll be subtle, just like every other tech revolution that’s gone before, from the Industrial Revolution to the dawn of the internet itself,” the CEO opined.

Turning to his experiences and challenges in promoting mainstream adoption of crypto payments, Kozyakov acknowledged that it has “been quite a ride.” He pointed to what he called a regulatory maze that his company has had to navigate, as each market has its own rules. He also highlighted the difficulty in building trust, particularly with merchants, given the industry’s evolving regulatory status.

To address these challenges, Kozyakov said Mercuryo has focused on establishing reliable collaborations and making crypto payments as seamless as traditional digital wallet transactions. Paying attention to users’ opinions and complaints is another way Mercuryo has worked to overcome these challenges.

“Thirdly, we listen to our users. Their feedback keeps us sharp and helps us tweak things to fit their real-world needs,” the CEO said.

Meanwhile, Kozyakov envisions a significant expansion of crypto payments by 2030, potentially capturing a double-digit percentage of global cross-border flows, particularly in remittances and e-commerce. He also predicts that stablecoins will lead this growth due to their practicality and stability, and that businesses will increasingly adopt crypto as it becomes more convenient.

He anticipates the rise of hybrid systems merging traditional finance (TradFi) with cryptocurrency, ultimately leading to seamless, intuitive blockchain-based transactions that may even be transparent to the end user, connecting millions globally.

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