73% of stores plan to include Crypto Payments in the Next Three Years According to a recently published survey, more than 50% of the major retailers (with $500M+ revenue) are spending at least $1 million to build a crypto payment infrastructure.
According to a study titled “Merchants Getting Ready for Crypto” conducted Dec. 3-16 by consulting and auditing firm Deloitte and PayPal, the survey surveyed the opinions of a number of senior executives. 2,000 people from various American retail companies include fashion, cosmetics, electronics, hospitality and leisure, home and garden, and the digital goods, personal and household goods, transportation, and food and beverage industries. including other service companies
Acceptance of Crypto Payments Expected to Increase Soon
fromexploreThat 85% of Merchants Expect Crypto Payments “Will Be Prevalent” In Their Industry In The Next Five Years
Additionally, 73% of those earning between $10M and less than $100M plan to enable digital currency payments. While in terms of revenue size under $10M and over $500M, this group shows the most interest in Crypto payments.
This year, 60% of merchants intend to invest $500,000+ to build a crypto payment infrastructure, while 26% of merchants already have cryptocurrency payment options.
The study found that Most crypto payment merchants are driven by customer demand for this asset class, with 64% of them saying customers requesting such integration, and 83% expecting this interest to increase. up in 2022
About half of merchants think that adopting crypto will improve the customer experience. and thought it would attract more customers, while 40% said it would refer to a brand that was more “advanced” than anyone else.
The biggest challenge (45%) in crypto adoption for merchants is the complexity of integrating crypto payments into legacy systems. This is especially the case with multiple digital assets involved. while security concerns (43%) rulesDeveloping (37%), crypto volatility (36%) and lack of budget (30%) are other obstacles.
Deloitte expects “continuing education” to provide the necessary regulatory clarity. and eliminate the fear and uncertainty of crypto adoption.