Deloitte Survey: 85% Say Enabling Crypto Payments is High Priority
More than 85% of US merchants surveyed by Deloitte say enabling crypto payments is a high priority, with almost three-quarters planning to accept cryptocurrency or stablecoin payments within the next 24 months.
Although crypto payments are not yet an everyday occurrence for most customers, interest is significant, especially among younger generations, Deloitte said, calling this a sign to retailers that those failing to embrace customer demand risk losing out on profits.
A survey from Deloitte showed that a huge majority of US merchants, 85%, see enabling crypto payments as a high priority. Almost three-quarters of those surveyed said they plan to accept crypto or stablecoin payments in the next two years.
Deloitte says that even though crypto payments are not yet commonplace, there is a lot of interest in it, especially among younger generations. They say that retailers who don't start accepting crypto payments will miss out on profits.
According to a survey, more than 60% of respondents said they expect to have budgets of more than $500,000 to enable digital currency payments in the next 12 months. This suggests that spending on crypto infrastructure will increase.
The study found that enabling crypto payments does not mean companies will be holding digital assets. More than half (52%) plan to have payment processors convert crypto into fiat currency. This is seen as a lower risk option that offers a quicker time to market.
Even though there are benefits to using crypto payments, there are also some barriers. The top concern is customer security of the payment platforms (43%). This is followed by the changing regulatory landscape (37%) and instability of the digital currency market (36%).
A study was published last week, called "Merchants Getting Ready for Crypto". It was done in collaboration with PayPal, and polled 2000 senior executives from retail companies in the US.
The respondents had some general knowledge about cryptocurrency and stablecoins. Most of them were also the primary decision-makers for their companies in regards to whether they would accept crypto payments.