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According to a recent poll, 73 percent of companies want to integrate crypto payments internally over the next three years.
Merchants all set to welcome crypto
The survey, titled “Merchants Getting Ready for Crypto,” was performed in collaboration with PayPal by auditing and consulting company Deloitte.
Furthermore, more than half of major merchants (those with revenues of $500 million or more) are currently investing at least $1 million in crypto payment infrastructure.
According to the poll, 93 percent of US shops that accepted cryptocurrency payments saw an increase in their consumer base.
The report interviewed 2,000 senior executives from various American retail organizations from December 3 to 16. Fashion, cosmetics, electronics, hotel and leisure, home and garden, and digital products businesses were among them.
What exactly the report says?
According to the report, 85 percent of merchants believe that in five years, crypto payments would be “ubiquitous” in their respective industries.
With a $100,000 – $1 million budget, 73 percent of those generating $10 million to less than $100 million expected to enable digital currency payments. This group exhibited the strongest interest in crypto payments, with revenue values ranging from under $10 million to over $500 million.
Over 60% of shops plan to invest $500,000 or more in crypto payment infrastructure this year. Digital currency payment alternatives are already in place at 26% of retailers.
This group is likely to include companies like Chipotle, Gucci, and AMC Entertainment.
Crypto payments are increasingly being accepted by entities outside of the United States. Thailand’s tourist industry and RCD Espanyol, the first La Liga team to accept cryptocurrency, are two examples.
According to the Deloitte poll, 93 percent of such organizations in the United States saw an increase in their consumer base.
The difficult aspect of merchant crypto adoption
About half of these merchants believe that bitcoin adoption will improve customer experience.
According to the research, retailers’ adoption of cryptocurrency payments is mostly influenced by their consumers’ excitement for the asset class.
Clients have sought such linkages, according to 64% of them, and 83 percent estimate this enthusiasm to grow by 2022.
A comparable percentage believe it would attract more consumers, and 40% believe it will express a “cutting edge” brand.
According to Deloitte, “continuous education” will provide much-needed regulatory certainty, removing the worries and concerns surrounding crypto adoption.
The most difficult aspect of merchant crypto adoption (45 percent) was the complexity of integrating crypto payments with legacy systems, particularly when several digital assets were involved.
Other roadblocks were security concerns (43%), changing legislation (37%), crypto volatility (36%), and a lack of funds (36%). (30 percent ).
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
