A survey of 8,205 companies across the European Union shows that cryptocurrency has barely cracked the payments market. Just 0.2% of those businesses accept digital assets for online purchases, and only 1% accept them at physical points of sale. Cash, by contrast, is accepted by 92% of companies with brick-and-mortar stores, cementing its position as the region's most widely used payment method.
Online vs. in-store
The gap between online and physical acceptance is narrow but telling. Online merchants were slightly less likely to take crypto than their in-store counterparts, though both figures sit in the low single digits. For a technology that promised to disrupt traditional finance, the numbers suggest that most EU businesses still see little reason to add crypto to their checkout options.
The survey's sample covers a broad swath of the EU economy, from small retailers to larger firms. But even among companies that already accept digital payments, crypto hasn't gained the traction that its proponents hoped for. The 0.2% online figure translates to roughly 16 companies out of the 8,205 surveyed — a rounding error in the broader payments landscape.
Cash still dominates
Physical retailers tell a slightly different story. At the point of sale, 1% of companies accept crypto, and 92% accept cash. That cash figure is a reminder that despite years of digital payment innovation, the physical world remains anchored to banknotes and coins. The survey didn't break down acceptance by country or company size, but the aggregate picture is clear: crypto is a niche option, not a mainstream one.
For crypto advocates, the 92% cash statistic might be the more uncomfortable number. It shows that even as mobile payments and contactless cards become ubiquitous, cash remains the default for most EU merchants. Crypto's 1% share at physical stores is not just low; it's barely a blip compared to the near-universal acceptance of cash.
Why adoption stays low
The survey didn't ask businesses why they avoid crypto, so any explanation is speculative. But the numbers themselves point to a few likely factors. Price volatility makes crypto a risky payment rail for merchants who need to cover costs in euros. Settlement times and fees can also be less predictable than card networks or cash. And for many small businesses, the effort of integrating crypto payments simply isn't worth the handful of customers who might use them.
That's not to say crypto has no place in EU commerce. The 1% in-store figure, while small, is five times higher than the online rate. That could reflect a niche demand from tourists or tech-savvy shoppers. But for now, the survey suggests that the EU's crypto payment ecosystem is still in its earliest stages.
What the numbers mean
These findings arrive as the EU's Markets in Crypto-Assets regulation (MiCA) rolls out, a framework designed to bring clarity to the industry. Yet regulatory clarity alone doesn't force merchants to accept crypto. The survey indicates that the real bottleneck isn't legal uncertainty — it's the lack of merchant demand. Unless customers start asking to pay in bitcoin or ether, and unless the volatility problem gets solved, those percentages are likely to stay where they are for the foreseeable future.
For now, the takeaway is straightforward: in the EU, cash is still king, and crypto is still a rounding error. The next survey will show whether MiCA and shifting consumer habits move the needle — but based on these numbers, don't hold your breath.
