Most of American Retailers Consider Crypto Payments In Next 2 Years

According to a recent study, over 75% of US retailers hope to support stablecoin and crypto payment options within the next two years. Deloitte, a UK-head quartered consulting and financial advisory company conducted research on 2,000 chief officers of small-scale American companies and just recently published the results.

The study occurred between December 3rd and 16th when the digital asset values were trading high. It also showed that over 50% of institutional retailers valued at $500 million and above are putting in nothing less than $1 million to develop all required infrastructure to make crypto services available.

Study Reveals More Than Half Of US Citizens Anticipate Crypto Payments

According to the report, a team-up with payment giant PayPal, Deloitte revealed that executives from various industries all had the same intentions. From digital products, fashion, cosmetics, electronics, hospitality and leisure, household and personal products, services, and even transportation.

Related Reading | U.S. Macro Pressure Responsible For Entire Bitcoin Downtrend

More than 85% of the officials polled stated they would soon be facilitating crypt payments in their industries within the next five years.

Source: Merchants Ready to adopt Crypto payments

Besides that, the research showed that cryptocurrency adoption also boomed; over one-quarter of the total polled company officials supported the adoption of crypto. This figure is anticipated to leap to about three-quarters by the end of 2022.

Customers Are Increasingly Adopting Crypto Payments

The research also revealed that SMEs (small and medium enterprises) were involved in the poll; more than 73% of the traders were worth about $10 million to $100 million and invested between $100,000 to $1 million to offer crypto trading in the platforms.

Deloitte stated that this cryptocurrency investment wouldn’t be short-lived. The company even projects the spending to rally through 2022. Over 60% of retailers explained that their budgets for facilitating cryptocurrency are anticipated to rise to about $500,000 through 2022.

While performing a market survey, customer interests are at the heart of the study. And more than 64% of companies said positive things about their customers supporting crypto adoption. Thus, there are also expected to facilitate crypto payment options.

The daily Chart Shows crypto market cap is down | Source: Crypto Total Market Cap on TradingView.com

Almost half of the polled senior executives observe that digital asset adoption will enhance their consumer experience. And another similar percentage is optimistic that it will boost their client base. About 40% said it will further develop their brand as “cutting edge.”

American Retailers Expect To Consider Cryptocurrency Payments

The survey reveals that many companies seek to collaborate with crypto platforms to provide these services to customers. With digital currency solutions offered, they believe their several thousands of clients will be able to perform instant transactions rather than waiting for other payment gateways to verify payments.

Related Reading | Bitcoin Miner Revenues Stay Low As Price Decline Continues

Lastly, Deloitte released a report highlighting some challenges companies would face in crypto adoption. The firm explained that, regardless of the positive appearance of the adoption, it will encounter three main problems. These challenges include shifting legislation, platform security, and the high volatility of the DeFi market.

Featured image from BBC, chart from TradingView.com