Deloitte Survey: 85% of Retailers Expect Digital Currency Payments
In the next five years, 85% of merchants expect digital currency payments to become ubiquitous, according to a survey by Deloitte.
The survey, conducted in collaboration with PayPal, polled 2,000 senior executives at U.S. retail organizations.
Of those surveyed, 83% are giving high or very high priority to enabling cryptocurrency payments, and 75% have plans to accept cryptocurrency or stablecoin payments in the next two years.
1% of respondents have no plans to implement digital currency payments in the next two years, while 26% have already done so and 39% plan to in the next 12 months.
In five years, 85% of merchants expect digital currency payments to be 'ubiquitous', according to Deloitte.
Even though we are in a crypto bear market, merchants are still optimistic about digital currency’s future, according to the Deloitte survey.
A survey from "Big Four" accounting firm Deloitte shows that 85% of executives from various retail organizations in the US think digital currency payments will become the norm in their industry within the next 5 years.
The survey found that digital currencies, including cryptocurrencies and central bank digital currencies (CBDCs), are a high priority for organizations. Over 85% of respondents said they are giving high or very high priority to enabling cryptocurrency payments. This is also true for stablecoins, with around 83% of respondents saying they are giving high or very high priority to stablecoins. Nearly three quarters (75%) of respondents revealed that they have plans to accept either crypto or stablecoin payments in the next two years.
An increasing number of retailers are beginning to accept crypto payments.
In the last month, a number of major retailers have announced that they will start accepting cryptocurrency payments. These include fashion brand Gucci, luxury brand Balenciaga, and Elon Musk's SpaceX.
PayPal recently expanded its crypto offering to allow users to transfer cryptocurrency to external wallets. This move has been long anticipated by crypto advocates. Other payment processing giants like Stripe and Megasoft have also started crypto pilot programmes for their merchants.
The rising popularity of cryptocurrency cards, which let users spend their digital currencies like regular Visa and Mastercard, has lead to more merchant adoption.
Deloitte isn't the only one of the Big Four accounting firms to get involved with cryptocurrencies. Earlier this year, KPMG (another one of the Big Four) announced that they had added Bitcoin and Ethereum to their balance sheet.