75% of retailers eyeing crypto payments within 24 months: Deloitte
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Improving customer experience, increasing the customer base and the hope their brand is perceived as “cutting edge” were the biggest reasons given for a desire to adopt crypto payments.
Three-quarters of United States retailers plan to accept crypto or stablecoin payments within the next two years, according to a new survey published by Deloitte.
It also found that more than half of large retailers with revenues over $500 million are currently spending $1 million or more building the required infrastructure to make it happen.
The information was revealed in Deloitte’s “Merchants Getting Ready For Crypto” report released in collaboration with PayPal on Wednesday.
A large majority, around 85%, of the surveyed merchants said they anticipate that cryptocurrency payments will be ubiquitous in their respective industries in five years.
The survey polled 2,000 senior executives at U.S. retail organizations between December 3 and December 16, 2021, when crypto prices were still riding high, but the results have only just been revealed. The executives were distributed equally among the cosmetics, digital goods, electronics, fashion, food and beverages, home and garden, hospitality and leisure, personal and household goods, services and transportation sectors.
Small- to medium-sized companies are also getting into the acts, with 73% of retailers with revenues between $10 million and $100 million investing between $100,000 to $1 million to support the needed infrastructure.
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