About 75% of US retailers are planning to offer crypto or stablecoin payments over the next two years, as per a new survey by Deloitte.
Deloitte found in a report that over half of large retailers with revenues more than $500 million currently spend $1 million or more than that to build the infrastructure required to do so.
The vast majority, approximately 85% of merchants surveyed, said that they expect to support crypto payments in their respective industries in five years.
Deloitte surveyed US’s top 2000 retail professionals between December 3rd and 16th of 2021, when crypto prices were still high, but the results have just been revealed.
Executives were split evenly between various fields including cosmetics, digital goods, electronics, fashion, food and drink, home and garden, hospitality and leisure, personal and household goods, services, and lastly, transportation.
Small and medium-sized companies were also included, where 73% of retailers with revenues of $10 million to $100 million invested $100,000 to $1 million to help essential infrastructure.
According to the report, spending will not stop there and is only expected to rise in 2022. More than 60% of retailers said that they expect budgets over $500,000 to provide crypto payments over the next 12 months in December.
It was observed that 64% of merchants report that their customers have shown significant interest in using crypto for payments. About 83% of retailers expect a rise or a significant rise in interest during 2022.
Almost half of them are expecting their crypto adoption to improve the customer experience, about the same number believe it will increase their customer base, and 40% hope that their brand will be viewed as “cutting edge”.
Retailers are optimistic about digital currencies as many retailers are already seen accepting crypto. 93% of the retailers who have adopted cryptocurrency reported a positive impact on their customer metrics.
Carriers and implementation problems listed by merchants contain payment system security (43%), rule changes (37%), volatility (36%) as well as lack of budget (30%).
The difficulty of incorporating crypto with legacy systems and the difficulty of integrating multiple cryptocurrencies was the biggest concern, as per 45%.
Many retail giants are adding cryptocurrency as a method of payment for the benefit of their customers. Like recently UAE’s retail giant Majid Al Futtaim partnered with Binance for Crypto payments.
