According to a Deloitte survey, over 75% of U.S. merchants want to accept crypto payments within the next two years.
Retailers are optimistic about cryptocurrency
In cooperation with PayPal, Deloitte issued its “Merchants Getting Ready For Crypto” research on Wednesday. The results of interviews with 2,000 senior executives from retail firms in the United States are included in the study. Within the next 24 months, 75% of the merchants polled said they plan to accept crypto or stablecoin payments. In the next five years, 85% believe crypto payments will become more popular in their particular businesses.
Companies that accept crypto payments have a competitive edge over those that do not, according to an overwhelming 87% of all shops polled. The poll also looked at merchants who currently accept cryptocurrency payments to see how they reacted to the new trend in their industry. A large majority of these shops, around 93%, claim that incorporating bitcoin into their payment mechanism has improved consumer metrics.
Report: Businesses are pouring millions of dollars into crypto infrastructure
Deloitte’s investigations covered various industries, including cosmetics, digital products, electronics, fashion, food and beverage, home and garden, hospitality and leisure, personal and household goods, services, and transportation. According to the survey, more than half of the larger retailers with annual sales of over $500 million are investing $1 million or more on the infrastructure needed to integrate crypto into their operations. Similarly, 73% of small to medium-sized businesses with revenues of $10 million to $100 million are funding their crypto adoption with $100K to $1 million investments.
Their research also revealed the importance of customers in promoting cryptocurrency adoption among merchants. Customers have shown a strong desire to use cryptocurrency as a payment option, according to 64% of the shops polled. In 2022, 83% of merchants anticipate that customer interest in crypto will only grow, and half of those polled feel that crypto may improve the customer experience and attract more consumers.
The interviews took place between December 3 and December 16, 2021, when cryptocurrency values were at all-time highs. As a result, some of the shops may have changed their minds since then, particularly in light of the market downturn followed by a terrible crash that has the crypto sector slated for 2022.