85% of merchants expect crypto payments to become the norm by 2026 according to a new report by Deloitte that we read more about in our cryptocurrency news.
93% of US retailers that had crypto payments in place reported a growth in their customer base and 73% of merchants plan on internally integrating the payments within the next three years as the new report by Deloitte shows. Over 50% of bigger retailers are spending $1 million to build crypto payment infrastructures. Dubbed “Merchants Getting Ready for Crypto” a study conducted by Deloitte in conjunction with PayPal shows that 85 of Merchants expect crypto payments to become the norm by 2026. The survey polled a total of 2000 senior executives from American retail companies and among them were those in the cosmetics, fashion, and hospitality industries. Others worked in the personal and household goods, food and beverage sectors, and transportation.
As per the survey, 85% of merchants expect that crypto payments will be ubiquitous in their respective industries in five years. 73% of those that make between $10 million to less than $100 million plan on enabling digital currency payments with a $100,000 and $1 million budget. In terms of revenue sizes between $10 million and over $500 million show the biggest interest in crypto payments. This year, over 60% of the merchants aim to invest up to $500,000 to build crypto payments infrastructures and 265 of the merchants have digital currency payment options in place with the likes of Gucci, AMC Entertainment, and Chipotle falling in this category.
The entities outside of the US are onboarding crypto payments right now and examples are Thailand’s tourism sector and the Spanish football club RCD Espanyol which is the first La Liga TEam to embrace crypto 93% of these businesses in the US show growth in their customer base. According to the study, merchants’ uptake of crypto payments is mostly driven by their customers’ enthusiasm for the asset class and about 64% of them requested such integrations. About half of the merchants think crypto adoption will take customer experience to a higher note and a similar number think it will attract more customers and 40% of them will communicate a cutting-edge brand.
The biggest challenge in merchant adoption was the sophistication of integrating crypto payments to legacy systems where multiple digital assets were involved. Other blocks were security issues 43%, crypto volatility 36%, evolving regulations 36%, and budget deficiency 30%. Deloitte expects that continued education will offer bigger regulatory clarity and will erase the fears and uncertainties of the crypto uptake.
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