According to Deloitte, 75% of merchants expect to accept cryptocurrency payments over the next 24 months.
The main motivations for wanting to use crypto payments were to improve customer experience, grow their client base, and have their brand be seen as “cutting edge.” According to a new Deloitte poll, three-quarters of US merchants aim to accept crypto or stablecoin payments over the next two years. It also discovered that more than half of major retailers with revenues of $500 million or more are presently investing $1 million or more on the infrastructure necessary to make it happen. Deloitte’s “Merchants Getting Ready For Crypto” research, launched in cooperation with PayPal on Wednesday, revealed the facts.
Over 85 percent of the shops questioned predict that in five years, bitcoin payments would be prevalent in their business. The survey of 2,000 top executives at U.S. retail organisations took place between December 3 and December 16, 2021, when cryptocurrency values were still high, but the results were just recently disclosed. There were the same number of CEOs in cosmetics, digital products, electronics, fashion, food and beverages, home and garden, hospitality and leisure, personal and household goods, services, and transportation. Small and medium-sized enterprises are also getting engaged, with 73 percent of businesses with annual revenues of $10 million to $100 million investing $100,000 to $1 million to build the infrastructure needed.
Merchants cite security of the payments system (43 percent), changing rules (37 percent), volatility (36 percent), and a lack of a budget as barriers to implementation (30 percent ). The complexity of integrating cryptocurrencies with legacy systems, as well as the complexity of integrating numerous cryptos, was cited by 45 percent of retailers as the most difficult problem. Deloitte believes that “continuous education” will provide regulators with more clarity, enabling for wider adoption across a larger range of products and services.