See More

Three-Quarters of US Retailers Expect to Accept Crypto in Two Years

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • Many retailers are already building infrastructure to support adoption.
  • Deloitte polled 2,000 executives from a broad range of sectors.
  • Business executives believe that crypto can improve their businesses in different ways.
  • promo

A survey has revealed that 75% of U.S. retail businesses plan to accept payment in crypto or stablecoins within the next two years.

And more than half of retailers with a turnover of over $500 million are currently spending more than $1 million to build the necessary infrastructure to support acceptance.

Deloitte, in conjunction with PayPal, polled 2,000 senior executives at U.S. retail organizations between Dec 2 and Dec 16 last year, but the results have only just been published.

According to the survey, 85% of respondents anticipate “that digital currency payments will be ubiquitous in our industry in 5 years” while expecting their suppliers to accept cryptocurrencies and/or stablecoins. 

Furthermore, 47% classed cryptocurrency payments as a “very high priority.”

Customers driving crypto adoption

The adoption of crypto payments is being driven by customer interest, with 64% of merchants reporting their customers showing a growing interest in paying in crypto.

Of those merchants already accepting crypto, 93% reported a positive impact on metrics. 

Almost half expect adoption will improve customer experience, and 40% hope their brand would be considered “cutting edge.”

Among the challenges to adoption cited by merchants are the security of the payments system (43%) changing regulations (37%), volatility (36%), and a lack of sufficient budget (30%).

Markets have seen huge declines since Nov 2021, when the markets were at their best, but Deloitte’s survey shows massive hope for the industry on a broader level. 

Deloitte said it expects “continued education” would create further clarity for regulators, allowing wider adoption across a broader set of products and services.

“Respondents understand the value and benefits of such capability and have taken steps toward enablement,” the survey concluded.

The executives polled were from the cosmetics, digital goods, electronics, fashion, food and beverages, home and garden, hospitality and leisure, personal and household goods, services, and transportation sectors.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Wahid.jpg
Wahid Pessarlay
Wahid loves to write, especially about Crypto and Blockchain. He started his blogging journey in 2017 and turned to crypto in 2019. Wahid is interested in tech, chess and DeFi. He aims to promote decentralization to everyone on the planet.
READ FULL BIO
Sponsored
Sponsored