Key facts:
Businesses see business benefits from adopting digital currencies, the report says.
The majority of respondents said that cryptocurrency adoption is a high priority.
“Merchants gear up for crypto” is the title of the report published this week by financial services firm Deloitte, in collaboration with payment company PayPal.
The study collect the results of a survey conducted at the end of last year of 2,000 senior executives of retail goods and services companies in the United States. All with annual revenues ranging from less than $10 million to more than $500 million.
85% of respondents said that their company anticipates that cryptocurrency transactions will be ubiquitous in their industry in five years, including their suppliers. In addition, almost 75% reported that have plans to accept payments with cryptocurrencies or stablecoins in the next 24 months.
The businesses that respondents focus on are: cosmetics, digital goods, electronics, fashion, food and beverages, home/garden, hospitality and leisure, personal and household goods, services, and transportation.
Given the results obtained, the Deloitte and PayPal report maintains that the respondents are very optimistic about these digital assets in the consumer market. They also report that there is a broad agreement that accepting cryptocurrency payments is already a point of differentiation and is expected to see widespread adoption in the near term.
The cryptocurrency ecosystem is maturing and the growth of the industry is continually fueled by increased utility and accessibility. In general, we find that merchants are responsive to the needs and expectations of their customers and see business benefits from adopting digital currency.
Report by Deloitte, in collaboration with PayPal, titled “Merchants Prepare for Cryptocurrencies.”
Companies believe that if they do not accept cryptocurrencies they risk being left behind
The study indicates that the COVID-19 pandemic accelerated digital transformation. They see that the particular context caused customers to embrace new digital forms of money, leading to a recent boom in the crypto industry. A look that validates the majority of the 2,000 senior executives surveyed.
64% of merchants say their customers have a significant interest in using crypto for payments. In addition, the 85% expect interest to increase, perhaps even significantly, in 2022 and say they are making enabling this type of transaction a very high priority. In the survey, they include stablecoins almost equally (83%).
Thus, they highlight that almost 9 out of 10 merchants widely agree that organizations that accept digital currencies have a competitive advantage in the market. For this reason, they see cryptocurrencies in the spotlight, as part of a radical change that has taken place in less than a decade.
In fact, they mention that an “overwhelming” majority of respondents who already accept cryptocurrencies (93%) have seen a positive impact on their business metricssuch as the growth of the customer base and the perception of the brand, so they expect this to continue.
While digital currency payments may not yet be an everyday occurrence for the average customer, the general interest in digital-native solutions is significant, especially among younger generations. It’s a signal to retailers that those who don’t embrace customer demand for this trend risk being left behind.
Report by Deloitte, in collaboration with PayPal, titled “Merchants Prepare for Cryptocurrencies.”
Deloitt and Paypal hope for greater regulatory clarity to increase cryptocurrency adoption
The study points out that, despite the increased interest of customers and companies in using cryptocurrencies, there are still a number of factors to consider. As an example, he mentions infrastructure decisions, security, and the development of a regulatory framework that will determine much of the pace at which adoption continues to grow.
It reveals that respondents report concerns and barriers to adoption, as well as execution challenges. But PayPal and Deloitte hope that continued education and broader learning will support a greater regulatory clarity of cryptocurrencies to allow their widespread use in the goods and services industry.
Along these lines, they conclude that they feel encouraged by the current commitment from different spheres of the United States government. This comment comes in the same week that the United States Attorney General, Merrick Garland, advised President Joe Biden to work in international cooperation to regulate bitcoin (BTC) and the cryptocurrency industry, as reported by CriptoNoticias.