More Merchants Are Opting For Crypto Payments, According To Deloitte
A recent survey by a leading financial consulting firm, Deloitte, revealed that about 75% of retailers are looking to embrace crypto payments. According to the study, three-quarters of all United States merchants plan to accept crypto payments.
The survey also revealed that most of the large retailers in the U.S. with revenues of more than $500 million are investing heavily in crypto payment systems. This shows an increasing demand for and acceptance of transactions in digital assets.
Moreover, the data is shown in the company’s detailed report titled “Merchants Getting Ready For Crypto,” released on June 8.
Crypto Payment is Gaining Traction
85% of the merchants in the study note that they anticipate a rise in cryptocurrency payments in their respective sectors. This indicates that more retailers and companies are coming to terms with the widespread adoption of cryptocurrency.
Accordingly, 2,000 senior executives were polled in the survey conducted between December 3 and 16 last year. All the participants are representatives of various U.S retail organizations. However, the survey results have just been made public five months later.
Senior executives in the study are distributed equally among various industries like food, tech, hospitality, transport, etc. Likewise, the survey includes small and medium businesses, where 73% of the merchants have a revenue of $10 million to $100 million.
In addition to having modest revenue, the polled companies revealed that they are investing close to $1 million to put the necessary infrastructure in place.
However, Deloitte notes that the spending will multiply and might increase before the end of the current year. Additionally, over 6% of the respondents said they plan to budget over $500,000 to accelerate the pace of enabling crypto pay before the year runs out.
More Consumers are Demanding Payments in Digital Currency
Merchants’ adoption of cryptocurrency payment is driven by consumer demand. More individuals are shifting to crypto payment systems as the traditional way is fast becoming a chore.
Meanwhile, 74% of the retailers in the survey revealed that consumers are pushing for crypto payments more than ever before. The merchants further added that most consumers are requesting a crypto payment system.
Following the rapid increase, roughly 83% of the respondents believed that their interests would increase significantly over the next few months.
More than half of the retailers expect that adopting crypto payment will enhance the customer experience. In the same breath, the same percentage of respondents are confident it will increase customer entry and retention.
However, only 40% of the retailers expect customers to see their brand as cutting-edge and tech-savvy. 93% of the retailers who have already started accepting payments in digital currency have reported a positive impact on customer satisfaction.
Further analysis of the survey shows that 43% of the retailers have no confidence in the security of the crypto payment system. 37% cited changing regulations as a factor, and 36% mentioned market volatility. Lastly, 30% pointed to a lack of budget because they have yet to implement crypto payment.