The Merchants Getting Ready for Crypto:
Merchant Adoption of Digital Currency Payments Survey reflects
current projections, priorities and challenges around
cryptocurrency payments, according to top U.S. merchants
NEW
YORK, June 8, 2022 /PRNewswire/ -- As
consumers progressively purchase a wider spectrum of goods and
services via digital currencies, U.S. merchants are reflecting a
greater optimism, prioritization and implementation of alternate
payments to meet this demand. Deloitte recently surveyed merchants
on the factors that are most contributing to the significantly
increased adoption of cryptocurrencies to understand shifts in
consumer behavior and pinpoint perceived obstacles and barriers to
further growth.
Among the key findings around increased consumer and merchant
optimism and adoption:
- Overall, merchants understand that their adoption of digital
currency payments puts them at a competitive advantage, broadly
agreeing (87% of respondents) with the statement that organizations
currently accepting digital currencies have a competitive advantage
in the market.
- Eighty-five percent of respondents anticipate that digital
currency payments will be ubiquitous in their respective industries
within five years. Industries surveyed were primarily consumer
goods and services and included digital goods, electronics,
fashion, food and beverages, home/garden, hospitality and
transportation.
- Fifty-four percent of responding retailers have invested more
than $1 million towards enabling
digital currency payments.
"This survey shows that merchants view acceptance of
digital currencies – driven by consumer acceptance and demand – as
key to driving business, and those that are slow to adopt run the
risk of falling significantly behind," said Zachary Aron, principal, Deloitte Consulting
LLP, and Global and U.S. Banking and Capital Markets Payments
Leader. "Customer demand for more innovative and flexible options
is now a given, and merchants are finding the means to deliver
digital payments in more effective ways, creating value for each
player in the transactional flow."
Merchants recognize a number of challenges when considering the
enablement of digital currency payments. Among them, they consider
perceived complexity of integration with existing financial
infrastructure or across various currencies. Envisioning the
future, respondents also cited top regulatory priorities that they
believe will lower the threat and reduce barriers to adoption.
In the survey, merchants revealed ways that digital currency
payment processors can provide the most favorable conditions to
support the move towards digital payments. These include avoiding
the traditional holding period, providing incentive programs and
elimination of transaction costs.
Developed in collaboration with global payments company PayPal,
the Merchants Getting Ready for Crypto: Merchant Adoption of
Digital Currency Payments Survey builds upon findings generated
through Deloitte's 2021 Global Blockchain Survey: A new age of
digital assets, released in August
2021. The 2021 Global Blockchain Survey introduced a
consensus from a majority of respondents (76%) that digital assets
will replace fiat currencies in the next five to 10 years.
"Merchants understand how important it is to accept payment
types their customers want to use, and digital currencies are now
an important consideration as merchants think about their payment
capabilities," said May Zabaneh,
vice president of product for PayPal's Blockchain, Crypto, and
Digital Currencies business unit. "What this survey shows is just
how many merchants are now recognizing the importance of digital
currencies and planning accordingly."
The Merchants Getting Ready for Crypto: Merchant Adoption of
Digital Currency Payments Survey polled a sample of 2,000
senior executives at U.S. retail organizations, equally distributed
among the following sectors: cosmetics, digital goods, electronics,
fashion, food & beverages, home/garden, hospitality &
leisure, personal & household goods, services, and
transportation. The survey polled retailers with annual revenues
ranging from below $10 million to
$500 million and above, and was
conducted by Deloitte between Dec. 3 and 16,
2021.
About Deloitte
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SOURCE Deloitte