According to a recent study, more than 75% of US retailers hope to support payment options with stablecoins and cryptocurrencies within the next two years. Deloitte, a UK-based financial consultancy and consultancy firm, conducted research on 2,000 general managers of US small-scale companies and, most recently, published the results.
The study took place between December 3rd and 16th when digital asset values were trading at high levels. It also showed that over 50% of institutional retailers worth $ 500 million and above are investing no less than $ 1 million to develop all the infrastructure needed to make crypto services available.
A study reveals that more than half of US citizens anticipate crypto payments
According to the report, a team with payment giant PayPal Deloitte revealed that executives from various industries all had the same intentions. From digital products, fashion, cosmetics, electronics, hospitality and leisure, home and personal products, services and even transportation.
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More than 85% of officials surveyed said they will soon facilitate cryptocurrency payments in their industries within the next five years.
Beyond that, research has shown that cryptocurrency adoption has also exploded; over a quarter of all company officials surveyed supported cryptocurrency adoption. This figure is expected to rise to around three-quarters by the end of 2022.
Customers are adopting more and more crypto payments
The research also revealed that SMEs (small and medium-sized enterprises) were involved in the survey; over 73% of traders were worth $ 10 million to $ 100 million and invested between $ 100,000 and $ 1 million to offer cryptocurrency trading in the platforms.
Deloitte said this cryptocurrency investment would not be short lived. The company also expects spending to increase through 2022. Over 60% of retailers explained that their budgets to facilitate cryptocurrency are expected to rise to around $ 500,000 through 2022.
When conducting a market investigation, the interests of clients are at the heart of the study. And over 64% of businesses have said positive things about their customers supporting cryptocurrency adoption. Therefore, it is also expected to facilitate cryptocurrency payment options.
Nearly half of senior executives surveyed note that adopting digital assets will improve their consumer experience. And another similar percentage are optimistic that their customer base will increase. About 40% said they will further develop their brand as “cutting edge”.
American retailers expect to consider cryptocurrency payments
The survey reveals that many companies seek to partner with crypto platforms to provide these services to customers. With the digital currency solutions offered, they believe their several thousand customers will be able to perform instant transactions rather than waiting for other payment gateways to verify payments.
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Finally, Deloitte released a report highlighting some challenges businesses should face in adopting cryptocurrencies. The company explained that, regardless of the positive aspect of the adoption, it will encounter three main problems. These challenges include changing legislation, platform security, and the high volatility of the DeFi market.
Featured image from BBC, chart from TradingView.com