Nearly 75% of retailers plan to accept cryptocurrency payments within the next 2 years

Nearly 75% of retailers plan to accept cryptocurrency payments within the next 2 years
Image Credits: The Business Journals

According to a June survey conducted by Deloitte titled “Merchants Getting Ready For Crypto”, nearly 75% of retailers plan to accept either cryptocurrency or stablecoin payments within the next two years. 

To run this survey, Deloitte polled a sample of 2,000 senior executives from a range of industries including cosmetics, electronics, fashion, transportation, food and beverage.

Moreover, 83% of retailers expect consumer interest in digital currencies to increase over the next year and a little over half of them have invested over $1 million into enabling digital payments, according to the survey.

To make this happen, just over 50% of respondents plan to have third-party payment processors convert digital currency into fiat, like the euro or the U.S. dollar, to mitigate risk. This move is backed up by concern about he shifting regulatory landscape and instability of the digital currency market, as more than half of retailers agreed that certain regulations regarding cryptocurrency need to be enacted, including national guidance around holding digital assets, clarity about the tax implications of using digital currencies and the ability to hold digital currencies in a bank account.

90% of retailers also cited the complexity of making their existing financial infrastructure compatible with various digital currencies as a barrier for total adoption.

Despite their apprehension, nearly half of retailers believe this move will improve customer experience and increase their customer base. The report concludes: “We anticipate that further partnerships with regulated and established institutions in the industry will help deliver the benefits of digital currencies (e.g., convenience and support) and will continue to build the necessary foundation of trust.”

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