Deloitte: 75% of U.S. Retailers Plan to Support Crypto Payments in 24 Months
Data from a report jointly published by global accounting consulting firm Deloitte and PayPal on June 8th show three-quarters of US retailers plan to accept cryptocurrency or stablecoin payments within the next two years.
More than half of the large retailers who make more than $500 million a year are implementing cryptocurrency payment — they are spending more than $1 million to build the necessary infrastructure. About 85% of respondents expect cryptocurrency payments to become ubiquitous in their industry within five years.
2,000 senior executives of American retailers were surveyed from December 3 to December 16, 2021, but the results came up just now. At that time, the cryptocurrency market cap was about twice as it is now. Surveyees come from industries including cosmetics, digital products, electronics, fashion, food & beverage, household & garden products, hotel, and etc. They are evenly distributed in the service and transport sectors.
Small and mid-sized enterprises (SMEs) are also considering crypto payment. 73% of them are investing from $100,000 to $1 million to establish crypto payment infrastructures.
The report anticipates this spending will increase further in 2022 — more than 60% of retailers will spend over $500,000 on crypto payment availability by the end of this year.
Consumers are advocating cryptocurrency payments.
Consumer interest is driving its deployments. 64% of all consumers are significantly interested in digital currency. About 83% of retailers expect consumers’ interest in cryptocurrency payment to grow significantly by 2022.
Nearly half expected that the customer experience would be improved by adopting cryptocurrency
Retailers are optimistic about digital currencies.
93% of the retailers accept cryptocurrency, they claiming cryptocurrencies have a positive impact on customer metrics.
Challenges of crypto payment implementation
The top challenges mentioned by retailers are:
- Security of payment systems (43%),
- Regulatory changes (37%),
- Volatility (36%),
- Lack of budget (30%).
45% of respondents are integrating cryptocurrency with existing systems,
The complexity of supporting multiple cryptocurrencies was cited as the biggest challenge.
Previous bear market cycle data:
- December 2017 — January 2019 (13 months)
- Jul 2019 — Sep 2020 (14 months)
- November 2021 — ?
It remains to be seen how far the current bear market will go.
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