It was also found that more than half of large retailers with revenues in excess of $ 500 million are currently spending $ 1 million or more to build the necessary infrastructure to accomplish this. The information was revealed in Deloitte's report "Merchants are preparing for crypto" published in collaboration with PayPal on June 8.
The vast majority, about 85%, of traders surveyed said they predict that cryptocurrency payments will be ubiquitous in their industries in five years. The survey involved 2,000 senior executives at U.S. retail organizations between Dec.
3 and Dec. 16, 2021, when cryptocurrency prices were still high, but the results have only just been released. Ex SMEs are also getting into this story as 73% of retailers with revenues between $ 10 million and $ 100 million said they are investing between $ 100,000 and $ 1 million to support needed infrastructure.
Consumers are looking for crypto payments
Consumer interest encourages merchant acceptance, and 64% of merchants signal that their customers have expressed significant interest in using cryptocurrencies for payments. Approximately 83% of retailers expect a significant increase in interest during 2022.
Nearly half expect their adoption of cryptocurrency to improve the user experience, roughly the same number believe it will increase their customer base, and 40% hope their brand will be perceived as “the best”.
Retailers are optimistic about digital currencies
Of traders who already accept cryptocurrencies, 93% reported a positive impact on their customers ’metrics. The adoption challenges cited by traders include payment system security (43%), regulatory changes (37%), volatility (36%) and budget shortages (30%).
The complexity of integrating cryptocurrencies with systems and the complexity of integrating multiple cryptocurrencies were the biggest challenges for 45% of respondents. Deloitte said it expects “continuing education” to create additional clarity for regulators, enabling wider acceptance of a range of products and services.