85% of merchants give high priority to enabling crypto payments – Deloitte survey

According to a survey conducted by Deloitte, over 85% of merchants are giving high or very high priority to enabling cryptocurrency payments. Furthermore, nearly three-quarters of those surveyed reported plans to accept cryptocurrency or stablecoin payments within the next 24 months.

Deloitte, one of the Big Four major financial services firms, published on June 8 a report titled “Merchants getting ready for crypto” in collaboration with payments giant Paypal.

The report includes the results of a survey conducted between December 3 and December 16, 2021. The survey polled a sample of 2,000 senior executives at retail organizations with annual revenues ranging from less than $10 million to over $500 million across the US.

“Respondents reported at least a general knowledge of cryptocurrency and stablecoins,” the report said, 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 also notes: “Merchants are considering the adoption of two different types of digital currencies: cryptocurrencies and stablecoins,” adding:

“More than 85% of the organizations are giving high or very high priority to enabling cryptocurrency payments, while about 83% are doing the same for stablecoins.”

Furthermore, 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.”

“Nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months,” the report adds.

As per Deloitte’s data, 87% of respondents agree that organizations accepting digital currencies have a competitive advantage in the market.

Also, merchants are eager to adopt digital currency payments for a variety of reasons, the report stated. Meanwhile, 48% of respondents said it will improve customer experience, 46% said it will increase customer base, and 40% said it will give their brand the perception of being cutting edge.

Last August, Deloitte surveyed financial leaders as part of its 2021 Global Blockchain Survey, with the results suggesting a transition to digital assets is inevitable. Cybersecurity, regulation, and privacy were cited in a survey as the biggest obstacles to the global adoption of digital assets.