Deloitte Survey: 85% of Merchants Say Enabling Crypto Payments Is High Priority

A survey conducted by Deloitte in collaboration with PayPal found that over 85% of merchants “are giving high or very high priority to enabling cryptocurrency payments.” In addition, “nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.”

Majority of Merchants Surveyed Plan to Enable Crypto Payments

Financial services firm Deloitte published a report titled “Merchants getting ready for crypto” on Wednesday in collaboration with payments giant Paypal.

The report includes the results of a survey conducted between Dec. 3 and Dec. 16, 2021. The survey polled a sample of 2,000 senior executives at retail organizations with annual revenues ranging from less than $10 million to over $500 million across the U.S.

“Respondents reported at least a general knowledge of cryptocurrency and stablecoins,” the report notes, adding that most of them are “a primary decision-maker when deciding whether their organization would accept cryptocurrencies and stablecoins as a form of payment.”

The report details, “Merchants are considering the adoption of two different types of digital currencies: cryptocurrencies and stablecoins,” elaborating:

More than 85% of the organizations are giving high or very high priority to enabling cryptocurrency payments, while roughly 83% are doing the same for stablecoins.

In addition, the report describes: “There are also shared expectations of broad adoption in the future. Around 85% of surveyed merchants expect that digital currency payments will be ubiquitous among suppliers in their industry in five years.”

Furthermore, the report adds:

Nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.

Overall, 87% of respondents agree that organizations accepting digital currencies have a competitive advantage in the market.

Merchants are eager to adopt digital currency payments for a variety of reasons, the report notes. 48% of respondents said it will improve customer experience, 46% said it will increase customer base, and 40% said it will give their brand the perception of being cutting edge.

What do you think about this Deloitte survey? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons