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Deloitte survey: 75 percent of retailers want to accept crypto payments within 24 months

 


Three-quarters of retailers in the United States plan to accept crypto or stablecoin payments in the next two years, a new survey by Deloitte reveals .


It also found that over half of large retailers with sales of more than $500 million are currently spending $1 million or more to build the necessary infrastructure.


Deloitte's report, titled "Merchants Getting Ready For Crypto," was released Wednesday in partnership with PayPal.


About 85 percent of surveyed merchants said they expect cryptocurrency payments to be commonplace in their respective industries in five years.


The survey also surveyed 2,000 U.S. retail executives between December 3 and December 16, 2021, when crypto prices were still high. However, the results have only just been published. The executives were equally split from the cosmetics, digital goods, electronics, fashion, food and beverage, home and garden, hospitality and leisure, personal and housewares, services and transportation sectors.


Small and medium-sized businesses are also playing a role: 73 percent of retailers with sales between USD 10 million and USD 100 million have invested between USD 100,000 and USD 1 million in the necessary infrastructure.

According to Deloitte, even more will be spent on building this infrastructure by 2022. Over 60 percent of retailers said they plan to spend over $500,000 in crypto payments over the next 12 months through December.


Consumers want crypto payments

Consumer interest is driving merchant adoption: 64 percent of merchants said their customers have expressed strong interest in cryptocurrencies for payments . Around 83 percent of retailers assume that interest will increase or increase significantly in 2022.

Almost half of the respondents expect that the acceptance of cryptocurrencies will improve the customer experience. A roughly equal percentage also believe it will increase their customer base, and 40 percent hope their brand will be perceived as "innovative."


Retailers bullish on digital currencies

Among retailers already accepting cryptocurrencies, 93 percent have seen a positive impact in terms of customer numbers.

Traders named the security of the payment system (43 percent), changes in regulation (37 percent), volatility (36 percent) and a lack of budget (30 percent) as obstacles to acceptance .


45 percent of surveyed traders said the biggest hurdle is the fact that integrating cryptocurrencies into legacy systems and integrating multiple cryptocurrencies is complex.


Deloitte believes that "continued education" will provide further clarity for regulators, allowing more products and services to find broader adoption.

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