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A survey conducted by Deloitte in collaboration with PayPal found that over 85% of merchants “give high or very high priority to enabling cryptocurrency payments.” Additionally, “nearly three-quarters of those surveyed reported plans to accept cryptocurrency or stable coin payments within the next 24 months.”
The majority of merchants surveyed plan to enable crypto payments
Financial services firm Deloitte, in conjunction with payments giant PayPal, released areporttitled “Merchants Preparing for Crypto” on Wednesday.
The report includes the results of a survey conducted between December 3 and December 16, 2021. The survey was conducted with a sample of 2,000 senior executives from retail organizations across the United States with annual sales of less than $10 million to more than $500 million
“Respondents reported at least general knowledge of cryptocurrencies and stablecoins.” The report adds that most of them “are key decision makers in deciding whether their organizations accept cryptocurrencies and stablecoins as a form of payment.” They point out that.
The report elaborates that “merchants are considering adopting two types of digital currencies: cryptocurrencies and stablecoins.”
More than 85% of organizations give high or very high priority to enabling cryptocurrency payments, and roughly 83% do the same for stablecoins.
In addition, the report states.” Expectations for widespread adoption in the future are also shared. About 85% of merchants surveyed expect digital currency payments to be ubiquitous among suppliers in their industry in five years.”
Additionally, the report adds.
Nearly three-quarters of those surveyed reported that they plan to accept cryptocurrency or stable coin payments within the next 24 months.
Overall, 87% of respondents agree that organizations that accept digital currencies have a competitive advantage in the marketplace.
Merchants are willing to adopt digital currency payments for a variety of reasons, the report notes. 48% of respondents said it would improve the customer experience, 46% said it would expand their customer base, and 40% said it would give the perception that their brand is cutting edge.
Image credit: Shutterstock, Pixabay, Wiki Commons
