A survey conducted by Deloitte in collaboration with PayPal found that over 85% of merchants “are giving high or very high priority to enabling cryptocurrency payments.” In addition, “nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.”
A majority of merchants surveyed plan to enable crypto payments
Financial services firm Deloitte published a report titled “Merchants getting ready for crypto” on Wednesday in collaboration with payments giant Paypal.
It includes results from a survey that was conducted in December 3-16, 2021. Survey respondents were 2,000 top executives of retail businesses with annual revenues less than $10million to more than $500 million.
“Respondents reported at least a general knowledge of cryptocurrency and stablecoins,” the report notes, adding that most of them are “a primary decision-maker when deciding whether their organization would accept cryptocurrencies and stablecoins as a form of payment.”
The report details, “Merchants are considering the adoption of two different types of digital currencies: cryptocurrencies and stablecoins,” elaborating:
Over 85% give cryptocurrency payment a high priority or are very concerned about it. Only 83% of stablecoins are given the same attention.
In addition, the report describes: “There are also shared expectations of broad adoption in the future. Around 85% of surveyed merchants expect that digital currency payments will be ubiquitous among suppliers in their industry in five years.”
Additionally, the report includes:
Nearly three quarters of respondents indicated plans to accept cryptocurrency and stablecoin payments in the coming 24 months.
87% agree with the conclusion that companies accepting digital currencies are competitive in this market.
According to the report, merchants want digital currency payments because of a number of reasons. It will enhance customer experience by 48%, 46% and 46% respectively, while 40% of those surveyed said that it will grow their customer base.
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