The main reasons mentioned for wanting to use crypto payments were to improve customer experience, expand their client base, and have their brand viewed as “cutting edge.”
According to a new survey, three quarters of US retailers aim to accept crypto or stablecoin payments over the next two years.
It also discovered that more than half of large retailers with revenues of $500 million or more are currently investing $1 million or more on the infrastructure required to make it happen.
The details were published in Deloitte’s “Merchants Getting Ready For Crypto” report, which was launched on June 8 in partnership with PayPal.
A huge majority of the merchants polled, over 85 percent, believe that bitcoin payments would be commonplace in their industry in five years.
The study, which took place between December 3 and December 16, 2021, interviewed 2,000 top executives at U.S. retail firms at a time when crypto prices were still high, but the results were only recently released. Cosmetics, digital products, electronics, fashion, food and drinks, home and garden, hospitality and leisure, personal and household goods, services, and transportation all had an identical number of CEOs.
The study, which took place between December 3 and December 16, 2021, interviewed 2,000 top executives at U.S. retail firms at a time when crypto prices were still high, but the results were only recently released. Cosmetics, digital products, electronics, fashion, food and drinks, home and garden, hospitality and leisure, personal and household goods, services, and transportation all had an identical number of CEOs.
According to Deloitte, expenditure isn’t going to stop there; it’s only going to get bigger between now and 2022. In the 12 months leading up to December, more than 60% of shops stated they anticipate to spend more than $500,000 to support crypto payments.
Consumers are pushing for crypto payments.
Consumer interest is driving merchant adoption, with 64 percent of businesses reporting that their consumers are very interested in adopting cryptocurrency to make payments. Over the next five years, almost 83 percent of merchants predict interest to increase or greatly increase.
Nearly half of respondents feel that adopting bitcoin will improve their customer experience, while a similar percentage believe it will increase their client base. Forty percent believed that their brand would be viewed as “cutting edge.”
Retailers are hopeful about the future of digital currency.
93 percent of retailers who accept cryptocurrency have had a positive influence on their consumer metrics.
Merchants cite security of the payments system (43 percent), changing regulations (37 percent), volatility (36 percent), and a lack of a budget as barriers to implementation (30 percent ).
According to 45 percent of respondents, the most difficult difficulty is integrating cryptocurrencies with legacy systems and combining various cryptos.
Deloitte believes that “continuous education” will provide regulators with more clarity, enabling for wider adoption across a larger range of products and services.
Source: Cointelegraph