A survey conducted by Deloitte in collaboration with PayPal found that over 85% of merchants “are giving high or very high priority to enabling cryptocurrency payments.” In addition, “nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.”
Financial services firm Deloitte published a report titled “Merchants getting ready for crypto” on Wednesday in collaboration with payments giant Paypal.
The report includes the results of a survey conducted between Dec. 3 and Dec. 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 U.S.
“Respondents reported at least a general knowledge of cryptocurrency and stablecoins,” the report notes, 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 details, “Merchants are considering the adoption of two different types of digital currencies: cryptocurrencies and stablecoins,” elaborating:
More than 85% of the organizations are giving high or very high priority to enabling cryptocurrency payments, while roughly 83% are doing the same for stablecoins.
In addition, 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.”
Furthermore, the report adds:
Nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.
Overall, 87% of respondents agree that organizations accepting digital currencies have a competitive advantage in the market.
Merchants are eager to adopt digital currency payments for a variety of reasons, the report notes. 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.
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