According to a recent study, more than 75% of US retailers expect to support cryptocurrency and stablecoin payment options in the next two years. Deloitte, a UK-based financial advisory and consulting firm, conducted research on 2,000 CEOs of small American businesses and recently published the results.
The study took place between December 3dr and 16the when digital asset values traded high. It also showed that more than 50% of institutional retailers valued at $500 million or more are investing no less than $1 million to develop all the necessary infrastructure to make crypto services available.
Study Reveals Over Half of US Citizens Anticipate Crypto Payments
According to the report, a team with payment giant PayPal, Deloitte revealed that executives from various industries had the same intentions. From digital products, fashion, cosmetics, electronics, hospitality and leisure, household and personal products, services, and even transportation.
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More than 85% of officials surveyed stated that they would soon facilitate crypto payments in their industries within the next five years.
On top of that, the research showed that cryptocurrency adoption skyrocketed as well; more than a quarter of all company officials surveyed supported the adoption of cryptocurrencies. This figure is projected to jump to around three quarters by the end of 2022.
Customers are increasingly adopting crypto payments
The research also revealed that SMEs (small and medium-sized enterprises) participated in the survey; over 73% of traders were worth between $10 and $100 million and invested between $100,000 and $1 million to offer crypto trading on the platforms.
Deloitte stated that this investment in cryptocurrencies would not be short-lived. The company even projects spending to increase through 2022. More than 60% of retailers explained that their budgets to facilitate cryptocurrency are projected to increase to around $500,000 through 2022.
When conducting a market survey, the interests of customers are at the center of the study. And more than 64% of businesses said positive things about their customers’ support for cryptocurrency adoption. Therefore, crypto payment options are also expected to be facilitated.
Nearly half of the C-suite executives surveyed say adopting digital assets will improve their consumer experience. And another similar percentage is optimistic that it will boost their customer base. About 40% said they will further develop their brand as “edgy”.
US Retailers Expect to Consider Cryptocurrency Payments
The survey reveals that many companies are looking to collaborate with crypto platforms to provide these services to clients. With the digital currency solutions offered, they believe that their several thousand customers will be able to transact instantly instead of waiting for payments to be verified by other payment gateways.
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Lastly, Deloitte released a report highlighting some challenges businesses would face in adopting crypto. The firm explained that regardless of how positive adoption looks, it will run into three main problems. These challenges include changing legislation, platform security, and the high volatility of the DeFi market.
Featured image from BBC, chart from TradingView.com