Survey: 75% of US retailers plan to accept crypto payments within two years

What’s new? According to a survey by consultancy Deloitte, 75% of US retailers plan to start accepting payments in cryptocurrencies or stablecoins within the next two years. It also found that more than half of large retailers with annual revenues of more than $500 million are spending about $1 million to build the necessary infrastructure for this. More than 60% of retailers said they would allocate more than $500 000 over the next 12 months to implementing crypto payments.

Deloitte’s report

Survey details. Between December 3 and December 16, 2021, 2000 senior executives from US retail organizations were surveyed. The survey was conducted at companies that sell electronics, cosmetics, clothing, food, and household goods, as well as a variety of services, including transportation, hospitality, and leisure. The vast majority, around 85% of companies, believe that cryptocurrency payments will become ubiquitous in their industries in five years.

How might consumers respond? Consumer interest drives the adoption of cryptocurrencies by merchants. For example, 64% of those surveyed said that their customers have shown significant interest in using cryptocurrencies as payment. Some 83% of companies believe that interest in cryptocurrencies will increase during 2022.

About half expect that the adoption of cryptocurrencies will improve customer experience, about the same number believe it will increase their customer base, and 40% hope their brand will be perceived as “cutting edge.”

What challenges do entrepreneurs see? Among the challenges regarding cryptocurrency adoption, companies highlighted the security of the payment systems (43%), regulatory changes (37%), market volatility (36%), and lack of budget (30%). The complexity of integrating digital currencies with the current financial infrastructure is considered the biggest challenge, cited by 45% of respondents.

In March, Deloitte experts noted that bitcoin could significantly improve the traditional financial system and help to develop central bank digital currencies (CBDCs).