75% Of Retailers Plan To Use Crypto Payments Within 2 Years

June 11, 2022 2:44 pm Comments

A new survey published by Deloitte just indicated that roughly 75% of retailers within the United States plans to accept crypto payments within 2 years.

In fact, the larger retailers are already investing heavily in the technology infrastructure that is needed to make this happen which indicates that mainstream adoption is already in progress.

The data within the survey also continues to project that the percentage of retailers that will utilize crypto will continue to increase in the next 5 years.

The retailers that were surveyed within the report include businesses from many different sectors of the industry which include cosmetics, electronics, food, and home services.

Clearly, the consumer push for crypto is now forcing all businesses big and small to finally take action.

CoinTelegraph reports:

According to Deloitte, the spending won’t stop there and is only expected to increase over 2022.

More than 60% of retailers said they expect budgets of more than $500,000 to enable crypto payments in the next 12 months to December.

Consumer interest is driving merchant adoption, with 64% of merchants signaling their customers have expressed significant interest in using crypto for payments.

Roughly 83% of retailers expect interest to increase or significantly increase over 2022.

Nearly half expect their adoption of cryptocurrency will improve the customer experience, around the same amount believe it will increase their customer base, and 40% hoped their brand would be perceived as “cutting edge.”

Surveys were also done for businesses that are already accepting crypto payments in some form and has indicated that 93% have experienced a positive impact in their customer metrics.

Of course, there are still many concerns that have been cited such as the recent volatility in some of the digital assets that are being used as well as potential regulatory risks.

With that being said, it seems that the pros still outweigh the cons as many are deciding to stick to it and further expand on it.

Many also see it as part of the “growing pains” of an technology that will eventually disrupt entire industries in the future.

CoinSpeaker reports:

The majority of such firms (over 62%) are partnering with digital currency payment processors, while the rest are exploring either partnering with traditional payment processors or developing functionality in-house.

However, the in-house group also partners to convert from digital to fiat currency.

According to the survey, customer-facing applications were initially the key driver of digital currency adoption. Immediate receipt of the funds is also a major attraction compared to waiting for card acquiring companies to release the funds.

The latest report from Deloitte, also mentioned the barriers to crypto adoption, stating that, despite the optimistic outlook, there are three top concerns, which are payment platform security, shifting legislation, and the extreme volatility of the crypto market.

It’s impressive to note that this acceleration in adoption continues to take place even while there is much economic uncertainty in both the traditional equity markets and crypto markets.

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