Crypto Payment in View for Most US Retailers in Two YearsJune 10, 2022
Recent studies reveal that more than 70% of retailers in the US plan to aid crypto payment options. They have a time frame of two years to receive payment in various crypto and stablecoins. Deloitte carried out its research among 2,000 small-scale companies in the US and released its result.
Deloitte is a consulting and financial advisory firm with its headquarters in the UK. The study was carried out between the 3rd to 6th of December 2021 when cryptocurrencies traded high. It also revealed that high-net-worth retailers are investing at least a million dollars to develop infrastructures required for crypto services.
The institutional retailers involved in the wave of investment are worth $500 million and over.
More Than 50% of US Citizens Look Forward to Crypto Payment
In the published report, it was revealed that the same intention pervades executives from different industries. From transportation, digital products, cosmetics, fashion, electronics, household goods, services, and many more.
Well over 85% of those polled said they will facilitate crypto payments in their respective industries soon. They generally put the timing within five years.
Apart from that, the research equally revealed that there has been a boom in crypto adoption. More than a quarter of the polled company officials encourage crypto adoption. This number is expected to reach three-quarters of the officials by the year’s end.
Consumers Adopt Crypto Payment
The Deloitte research further revealed that small and medium enterprises participated in the poll. Over 73% of the polled traders had a worth of $10 million. They have invested the range of $100,000 to a million dollars for crypto transactions.
Deloitte said this spate of investment into crypto assets won’t be over in a while. It went as far as saying the spending might be seen throughout this year. More than 60% of retailers say their planned finance to facilitate crypto payment is around $500,000.
The interest of customers is always at the heart of any survey carried out. And over 64% of polled companies gave positive feedback about their customers’ support for adopting crypto. Therefore, they are equally expected by customers to have crypto payment options.
Close to 50% of polled senior executives noticed that crypto adoption will improve their customer experience. A closer percentage is equally optimistic that crypto adoption will increase their customer base. 40% of them claim it will further portray their brands as cutting edge.
The survey shows further that a lot of companies hope to partner with crypto platforms. They do so in a bid to enhance their customer service. They believe their clients will be able to carry out instant transactions when they offer crypto services.
Deloitte finally published a report that highlights the potential challenges awaiting companies in crypto adoption. The company says they will encounter three major problems irrespective of their positive outlook. The problems are high volatility of the market, changing legislation, and platform security.