75% of sellers want to implement cryptocurrencies in payments for up to 2 years


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75% of sellers want to implement cryptocurrencies in payments for up to 2 yearsDeloitte recently published a report on the implementation of cryptocurrencies in payments. Statistics show that the main reasons retailers want to introduce cryptocurrency payments are to increase their customer base, improve the quality of their services, and hope that their brand will be seen as “cutting edge”. technology”.

  • 85% of merchants surveyed predict cryptocurrency payments will be ubiquitous in their industries within five years
  • Consumer Interest Drives Merchant Adoption of Cryptocurrencies
  • 2,000 senior executives from US retail organizations participated in the study
  • Other similar and interesting articles can be found on the Comparic.pl homepage

Cryptocurrencies are increasingly popular with retailers

According to a new study published by Deloitte, three quarters of retailers in the United States plan to accept payments in cryptocurrency or stablecoin within the next two years.

He also found that more than half of large retailers with revenues over $500 million are now spending $1 million or more to build the infrastructure needed to do so.

This information was disclosed in the Deloitte “Merchants Getting Ready For Crypto” report released Wednesday in partnership with PayPal.

The vast majority, around 85%, of merchants surveyed said they expected cryptocurrency payments to be ubiquitous in their industries within five years.

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2,000 senior executives from US retail organizations participated in the study during the period from December 3 to December 16, 2021, when cryptocurrency prices were still relatively high.

The management team is evenly split between the following sectors: cosmetics, digital goods, electronics, fashion, food and beverage, home and garden, hospitality and leisure, personal and household goods, services and transport.

Small and medium enterprises were also involved – 73% of retailers with revenues between 10 and 100 million USD invest from 100,000 USD upwards. up to $1 million in necessary infrastructure.

Source: Merchants Gearing Up for Crypto: A Survey of Merchant Adoption of Digital Currency Payments
Source: Merchants Gearing Up for Crypto: A Survey of Merchant Adoption of Digital Currency Payments

According to Deloitte, spending won’t stop there and is expected to increase in 2022. More than 60% of retailers said they expect budgets over $500,000. dollars to introduce cryptocurrency payments over the next 12 months to December 2022.

Consumers encourage paying with cryptocurrencies

Consumer interest is driving merchant adoption of cryptocurrencies. 64% of merchants report that their customers have expressed considerable interest in using cryptocurrencies during checkout. About 83% of sellers expect interest to increase or increase significantly in 2022.

Source: Merchants Gearing Up for Crypto: A Survey of Merchant Adoption of Digital Currency Payments
Source: Merchants Gearing Up for Crypto: A Survey of Merchant Adoption of Digital Currency Payments

Nearly half expect their adoption of cryptocurrency to improve customer experience, about the same believe it will increase customer base, and 40% hope their brand will be seen as “cutting edge.” of technology”.

Retailers bullish on digital currencies

Among retailers already accepting cryptocurrencies, 93% saw a positive impact on customer metrics.

The most common barriers and challenges to adopting cryptocurrencies cited by merchants are payment system security (43%), changing regulations (37%), volatility (36%) and the lack of budget (30%).

Source: Merchants Gearing Up for Crypto: A Survey of Merchant Adoption of Digital Currency Payments
Source: Merchants Gearing Up for Crypto: A Survey of Merchant Adoption of Digital Currency Payments

The complexity of integrating cryptocurrencies with legacy systems and the complexity of integrating multiple digital currencies was the biggest challenge, according to 45% of merchants surveyed.

Deloitte said it expects “continuing education” to bring more clarity to regulators, enabling wider adoption of a wider range of products and services.

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