85% of Merchants Say Crypto Payments Will Be a Norm by 2026: Deloitte

A recent survey found that 73% of merchants intend to integrate crypto payment internally within the next three-years. Over 50% of large retailers with revenues over $500M are spending at least $1million to create crypto payment infrastructures.

The study, entitled “Merchants getting ready for Crypto”, was done by Deloitte and PayPal.

The survey surveyed 2,000 top executives from American retail companies between Dec 3 and 16. They included those working in fashion, cosmetics and electronics as well as hospitality and leisure, home, garden, and digital goods. Other workers were in transportation, personal and household goods, food and beverage, and other service sectors.

Crypto Payments Adoption to Increase Soon

According to the survey, 85% retailers believe that crypto payments will be “ubiquitous” in their industries within five years.

A further 73% of people with incomes between $10M and $100M are interested in enabling digital currency payments. They have a budget of $100,000 to $1M. This cohort was the most interested in crypto payments, with revenue sizes ranging from less than $10M to more than $500M.

Over 60% of merchants plan to invest $500,000+ this year to create crypto payment infrastructures. 26% already have digital currency payment options. This category includes AMC Entertainment, Chipotle and Gucci.

Increasing numbers of entities outside the US are accepting crypto payments. Thailand’s tourism industry and RCD Espanyol, a Spanish football club, are two examples. This is the first La Liga team that has adopted crypto. According to a Deloitte survey, 93% of these businesses reported an increase in customer base.

Motivational Factors and Challenges. And Solutions.

The study found that crypto payment acceptance by merchants is driven primarily by customers’ enthusiasm for the asset. 64% said clients requested integrations and 83% expected this interest to grow over 2022.

These merchants believe that crypto adoption will improve customer experience. Similar numbers believe it will attract more customers and 40% think it will communicate a cutting-edge brand.

Merchant crypto adoption faced 45% of the challenges. This was due to difficulty in integrating crypto payments into legacy systems, particularly where multiple digital assets were involved.

Other obstacles included security issues (43%), evolving regulation (37%), crypto volatility (36%), budget deficiency (30%).

Deloitte believes that continuing education will provide the regulatory clarity needed to eliminate the uncertainties and fears surrounding crypto adoption.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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