85% of Merchants Say Crypto Is High Priority: Deloitte Report -Breaking
- Deloitte published analysis reports based on its recent survey of the industry.
- According to the study, 85% of respondents said that crypto payment support is an important priority.
- 87% of respondents also believe that digital currencies can give them a competitive edge.
Deloitte, a multinational British professional services company has published analysis reports from the latest industry survey it conducted with PayPal (NASDAQ). The report titled “Merchant Getting Ready for Crypto” states that 85% of organizations are giving high or very high priority to enabling cryptocurrency payments.
This survey was conducted, according to received information, between December 3rd and 16th 2021. A sample of 2000 senior retail executives with an annual income between $10 million and $500 million was included in the survey.
“A radical shift has occurred in less than a decade, with once-wary customers and retailers increasingly viewing digital currency through an optimistic lens,” reads the report. According to the study, 85% of organizations give cryptocurrency payment a high or very high priority.
According to the Big Four accounting firm, nearly three quarters of respondents indicated that they plan on accepting cryptocurrency and stablecoin payments in the coming 24 months.
“Overall, 87% of merchants broadly agree that organizations accepting digital currencies have a competitive advantage in the market.”
The survey findings indicate that an overwhelming majority (93%) of those who currently accept cryptocurrency as a payment instrument have already seen a positive impact on their business’ customer metrics. These include factors like customer growth and brand perception. They expect that this effect will continue into next year.
The report does mention that the merchants face many challenges in enabling digital currency payments. They consider integration to be the most difficult challenge.
Concern with cryptocurrency was expressed by more than three-quarters (79%) of those surveyed. Due to the volatility of cryptocurrency, more retailers are concerned about making payments using cryptocurrency for business purposes than stablecoins.