A survey conducted by Deloitte in collaboration with PayPal found that more than 85% of merchants are “giving high or very high priority to enabling cryptocurrency payments.” Furthermore, “nearly three-quarters of those surveyed plan to accept cryptocurrency or stablecoin payments within the next 24 months.”
Most merchants surveyed plan to enable crypto payments
Financial services firm Deloitte, in collaboration with payments giant PayPal, published a report titled “Merchant Getting Ready for Crypto” on Wednesday.
The report includes the results of a survey conducted between December 3 and December 16, 2021. The survey took a sample of 2,000 senior executives from retail organizations with annual income from less than $10 million to more than $500 million.
“Respondents reported at least a general knowledge of cryptocurrencies and stablecoins,” the report said, adding that most of them “are a primary decision maker who decides whether their organization wants to use cryptocurrencies and stablecoins as a form of payment.” Will it accept stablecoins or not?
The report details, “Traders are considering adopting two different types of digital currencies: cryptocurrencies and stablecoins,” detailing:
Over 85% of organizations are giving high or very high priority to enabling cryptocurrency payments, while about 83% are doing the same for stablecoins.
Furthermore, the report states: “There are also shared expectations for widespread adoption in the future. Nearly 85% of merchants surveyed expect digital currency payments to become ubiquitous among suppliers in their industry in five years.
Furthermore, the report stated:
Nearly three-quarters of those surveyed plan to accept cryptocurrency or stablecoin payments within the next 24 months.
Overall, 87% of respondents agreed that organizations that accept digital currencies have a competitive advantage in the market.
The report states that merchants are eager to adopt digital currency payments for a number of reasons. 48% of respondents said it would improve the customer experience, 46% said it would increase the customer base, and 40% said it would give their brand the impression of being cutting edge.
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