Deloitte: Crypto payments to be a standard by 2026 according to 85% of merchants

A recent survey found that 73% of merchants intend to integrate crypto payment internally within the next three-years. In addition, more than 50% of large retailers (those that have revenues greater than $500M) spend at least $1 million on crypto payment infrastructure.

Entitled “Merchants Getting Ready for Crypto,” the study was conducted by auditing and consultancy firm Deloitte, in conjunction with PayPal.

The survey surveyed 2,000 top executives from American retail companies between Dec 3 and 16. They included those working in fashion, electronics, digital goods, hospitality, leisure, home, garden, and electronic products. Other workers were in transportation, personal and household goods, food and beverage, and other service sectors.

Soon, Crypto Payments Adoption is Expected To Hike

Per the survey, 85% of retailers expect that crypto payments “will be ubiquitous” in their respective industries in five years to come.

Additionally, 73% of those making between $10M to less than $100M plan on enabling digital currency payments, with a $100,000 – $1M budget. This group showed the greatest interest in crypto payments for revenue sizes of less than $10M and more than $500M.

More than 60% of merchants are planning to invest $500,000+ in crypto payment infrastructures this year. Already, 26% merchants offer digital currency payments. This category includes AMC Entertainment, Chipotle and Gucci.

With increasing frequency, crypto payments are being accepted by entities outside of the US. Examples are Thailand’s tourism sector, and Spanish football club RCD Espanyol – the first La Liga team to embrace crypto.
According to the Deloitte survey, 93% of these businesses reported an increase in customer base.

Motivational Factors, Challenges, And Solutions

According to the study, merchants’ uptake of crypto payments is mainly driven by their customers’ enthusiasm for the asset class. 64% said clients requested integrations and 83% expected this interest to grow over 2022.

These merchants believe that crypto adoption will improve customer experience. A similar number think it will attract more customers, while 40% say it will communicate a “cutting edge” brand.

Merchant crypto adoption faced 45% of the challenges. This was due to difficulty in integrating crypto payments into legacy systems, particularly where multiple digital assets were involved.

Other obstacles included security issues (43%), evolving regulation (37%), crypto volatility (36%), budget deficiency (30%).

Deloitte expects that “continued education” will offer the much-needed regulatory clarity, erasing the fears and uncertainties of crypto uptake.

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