With the growth of cryptocurrency adoption globally, US retailers are willing to accept cryptocurrency as a form of payment. In a new report, Deloitte said that at least 75 percent of its users reported plans to accept crypto or stablecoin payments within the next 24 months.
The survey, titled: Traders Prepare for Cryptocurrency, surveyed 2,000 senior members of retail organizations between December 3 and December 16, 2021.
According to the report, merchants are keen to adopt digital currency payments for a variety of reasons. They see that the market is changing rapidly and they want to support customer preferences. They expect to get value from their adoption of digital currency in three distinct ways: improving customer experience (48 percent of respondents), increasing customer base (46 percent), and viewing the brand as evolving (40 percent).
Over 87 percent of merchants agreed that institutions that accept cryptocurrency have a competitive advantage in the market. “The vast majority of those who currently accept cryptocurrency as a payment tool (93 percent) have already seen a positive impact on their business customer metrics, such as customer base growth and brand awareness, and expect this to continue next year,” the company said in its report.
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The report notes that major US merchants, which mint around $500 million in revenue, have already started building an infrastructure to support cryptocurrency payments. Investments between $10 million and $100 million are being made by various levels of retailers to create a crypto-friendly ecosystem.
The merchants surveyed believe that cryptocurrencies and stablecoins are an attractive technology for the entrepreneurial class. However, there is still misinformation about the encryption system, which makes it difficult to use it on a large scale.
Meanwhile, merchants are aware of the many challenges in enabling digital currency payments. Among them, they consider the complexity of integration to be the main challenge. “Nearly 89 percent of respondents chose at least one of the two options indicating the complexity of integrating and integrating with existing financial infrastructure and/or across different digital currencies. These challenges consistently emerge across businesses, regardless of revenue size,” the report added.