Three-quarters of US retailers plan to accept crypto or stablecoin payments over the next two years, according to a new survey.
It also found that more than half of large retailers with revenues over $500 million currently spend $1 million or more building the infrastructure needed to do so.
The information was disclosed in Deloitte’s “Merchants Prepare for Cryptocurrency” report. report released in partnership with PayPal on June 8th.
The vast majority, around 85% of merchants surveyed, said they expect crypto payments to become ubiquitous across their respective industries in five years.
The survey surveyed 2,000 top US retail executives between December 3rd and 16th, 2021, when cryptocurrency prices were still high, but the results have just been released. Executives were evenly split between cosmetics, digital goods, electronics, fashion, food and drink, home and garden, hospitality and leisure, personal and household goods, services, and transportation.
Small and medium-sized companies are also getting in on the action, with 73% of retailers with $10 million to $100 million in revenue investing $100,000 to $1 million to support essential infrastructure.
According to Deloitte, spending will not stop there and is only expected to increase in 2022. More than 60% of retailers said they expect budgets over $500,000 to enable crypto payments over the next 12 months through December.
Consumers insist on cryptocurrency payments
Consumer Interest Drives Merchant Adoption: 64% of merchants report that their customers have expressed significant interest in using cryptocurrencies for payments. Approximately 83% of retailers expect an increase or significant increase in interest by 2022.
Nearly half expect their cryptocurrency adoption to improve the customer experience, about the same number believe it will increase their customer base, and 40% hope their brand will be perceived as “cutting edge.”
Corporate Evolution: How Implementation Changes the Structure of a Crypto Company
Retailers are optimistic about digital currencies
Of the retailers already accepting crypto, 93% reported a positive impact on their customer metrics.
Carriers and implementation issues cited by merchants include payment system security (43%), rule changes (37%), volatility (36%) and lack of budget (30%).
The difficulty of integrating cryptocurrencies with legacy systems and the difficulty of integrating multiple cryptocurrencies was the biggest concern, according to 45%.
Deloitte said it expects “continuous learning” to bring additional clarity to regulators, allowing greater adoption of a wider range of products and services.
Credit : cointelegraph.com