- J Markezic and M Bacina
75% of US Retail merchants planning to accept crypto
Deloitte recently published a report that looked into the overall attitudes and investments in the adoption of digital currency payment systems. Titled 'Merchants getting ready for crypto', the report collected data from 2,000 of senior executives from retail organisations across the United States, primarily within the goods and services industry.
Overall, the report found that:
The majority of merchants believe customer interest will increase over the next year, and nearly 75% reported plans to accept stablecoin payments and almost the same reported plans to accept cryptocurrency payments, both within the next 24 months.
Nearly all the respondents agreed that the use of digital currencies for regular, everyday purchases will increase over the next few years.
The data shows that nearly 75% of all US retailers intend to accept crypto payments within the next two-years. The data also demonstrates that respondents were 'optimistic' about digital currencies in the consumer market, with 85% of respondents agreeing that the use of digital currencies would 'increase exponentially' over the next few years.
87% of those polled believed that accepting crypto as payment would provide them with a competitive edge in the market, with another 83% of respondents believing that digital currencies would become legal tender within the next decade. This likely follows market acknowledgment of foreign jurisdictions, such as Lugano in Switzerland, recognising cryptocurrencies like Bitcoin as legal tender.
The data also showed that respondents see benefits accruing to the consumer themselves, with nearly half of those surveyed believing that accepting digital currencies as payment would improve the customer experience as well as increase their consumer base.
Deloitte identified that the top advantage from respondents was that accepting digital currency payment would enable immediate access to funds. The report confirms the forward trajectory towards broad adoption of digital currency payment across the US retail market. In a time of regulatory uncertainty and crypto-asset market volatility, it is reassuring to note that market participants remain confident about the future adoption and integration of crypto in their operations.