85% of Merchants Surveyed Plan to
Enable Crypto Payments
A survey
conducted by Deloitte in collaboration with PayPal found that over 85% of
merchants "are giving high or very high priority to enabling
cryptocurrency payments." In addition, "nearly 75% of those surveyed reported plans to accept either cryptocurrency
or stablecoin payments within the next 24 months."
Enabling Crypto Payments Is a High Priority
Financial
services firm Deloitte published a report titled "Merchants
getting ready for crypto" on Wednesday in collaboration with payments giant
Paypal.
The report
includes the results of a survey conducted between Dec. 3 and Dec. 16, 2021.
The survey polled a sample of 2,000 senior executives at retail organizations
with annual revenues ranging from less than $10 million to over $500 million
across the U.S.
"Respondents
reported at least a general knowledge of cryptocurrency and stablecoins,"
the report notes, adding that most of them are "a primary decision-maker
when deciding whether their organization would accept cryptocurrencies and stablecoins
as a form of payment."
The report
details that "Merchants are considering the adoption of two different
types of digital currencies: cryptocurrencies and stablecoins." Elaborating further on the
report, it said:
"More than 85% of organizations are giving high or very high
priority to enabling cryptocurrency payments, while roughly 83% are doing the
same for stablecoins."
The report
also describes: "There are also shared expectations of broad adoption in
the future." Around 85% of surveyed merchants expect that digital currency
payments will be global among suppliers in their industry in five years. "
Furthermore,
the report adds:
"Nearly 75% of those surveyed reported plans to accept
either cryptocurrency or stablecoin payments within the next 24 months."
Overall, 87%
of respondents agree that organizations accepting digital currencies have a
competitive advantage in the market.
The report explains that merchants are eager to adopt digital currency payments for a variety of reasons. 48% of respondents said it will improve customer experience, 46% said it will increase their customer base, and 40% said it will give their brand the perception of being cutting edge.
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