According to a recent study, more than 75% of US retailers are expected to support stablecoin and crypto payment options in the next two years. UK-headquartered consulting and financial advisory firm Deloitte researched 2,000 chief executives of small-scale US companies and recently published the results.
The study took place between 3 Decemberthird and 16th When digital asset prices were trading higher. It also showed that more than 50% of institutional retailers are investing no less than $1 million to develop all the necessary infrastructure to provide crypto services valued at $500 million and above.
Study Shows More Than Half of US Citizens Expect Crypto Payments
Per the report, a team-up with payments giant PayPal, Deloitte revealed that executives from different industries had similar intentions. From digital products, fashion, cosmetics, electronics, hospitality and leisure, household and personal products, services and even transportation.
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More than 85% of executives surveyed said they would soon be rolling out crypto payments to their industries in the next five years.
Furthermore, research has shown that cryptocurrency adoption has also boomed; More than a quarter of the total polled company executives supported the adoption of crypto. This figure is projected to jump to nearly three-quarters by the end of 2022.
Customers are increasingly adopting crypto payments
The research also revealed that the survey included SMEs (small and medium enterprises); More than 73% of traders were valued at around $10 million to $100 million and invested between $100,000 to $1 million in platforms offering crypto trading.
Deloitte said this cryptocurrency investment will not be short-lived. The company is also planning to increase spending by 2022. More than 60% of retailers reported that their budget to facilitate cryptocurrencies is projected to increase to around $500,000 by 2022.
When conducting a market survey, customer interests are at the center of the study. And more than 64% of companies who supported crypto adoption said positive things about their customers. Thus, the convenience of crypto payment options is also expected.
Nearly half of the senior executives surveyed believe that digital asset adoption will enhance their consumer experience. And a similar percentage are optimistic that this will boost their customer base. About 40% said it would develop their brand as “state-of-the-art.”
US Retailers Expected to Consider Cryptocurrency Payments
The survey shows that many companies want to collaborate with crypto platforms to provide these services to customers. With the digital currency solution offered, they believe that thousands of their customers will be able to transact instantly instead of waiting for other payment gateways to verify their payments.
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Finally, Deloitte released a report that highlighted some of the challenges companies will face in adopting crypto. The firm explained that regardless of the positive nature of the adoption, it will face three main problems. These challenges include transfer laws, platform security, and the high volatility of the DeFi market.
Featured image from BBC, chart from TradingView.com