More than 85% of merchants in the US view crypto payments as a high priority, and almost three-quarters plan to accept crypto or stablecoin payments within the next year, according to a Deloitte survey.
Deloitte said that though crypto payments aren’t yet common, interest is significant, especially among younger generations, and said retailers who don’t embrace customer demand will lose out.
Approximately 60% of respondents anticipate having budgets of more than $500,000 in the next 12 months to enable crypto payments.
It does not mean that companies will hold any digital assets if they accept crypto payments. It is projected that 52% of companies will use third-party crypto payment processors to convert cryptocurrency to fiat currency, and 61% of companies partnering with third parties to do this. Compared with alternative methods, this is faster and easier to implement, and it is considered less risky.
While respondents cited a variety of barriers to the adoption of crypto payments, the most common was the lack of customer security on payment platforms (43%), followed by regulatory changes (37%), and market instability (36%).
In the study “Merchants Getting Ready for Crypto,” done in collaboration with PayPal, 2,000 senior executives from US retail companies were interviewed from December 3-16.
Most respondents said they knew at least a little bit about cryptocurrency and stablecoins, and their companies would accept crypto payments if they were a primary decision-maker.