One of the big 4 companies, Deloitte, recently said that 3/4th of retailers look to adopt crypto payments in the next 2 years. Retail stores find that providing a good customer experience and staying on top of innovation is the biggest reason to adopt crypto payments. Deloitte’s survey also found that retailers with more than $500 million in revenue are spending $1 million to build their payment infrastructure for crypto.
Upcoming adoption of crypto payments
At the present time, crypto payments are used by very few retailers and companies. The population that makes use of these options is also niche. However, around 85% of surveyed merchants say they think crypto payments will appear everywhere in the next 5 years. The total number of participants in the survey was 2000, and they were senior executives from US retail companies. The industries of these retailers were also varied to get a consolidated idea of the market.
The ones that participated in the survey were food and beverages, fashion, cosmetics, electronics, and digital goods, among others. While larger retail stores are investing around $1M or more in building crypto infrastructure, smaller businesses ($10M-$100M) are also putting in a lot for the same. Deloitte also says that investing in crypto payments will only go up with time as retailers try to enable the options asap.
However, there are some challenges as well. This includes the security of payments, the changing regulatory landscape, volatility of the market, lack of budget for even smaller retailers, and the complexity of integrating multiple cryptocurrencies for payments.
User interest in crypto payments
Consumer interest in crypto is also quite a lot. Businesses have reported that 64% of their customers have shown significant interest in the option, and 32% had a moderate interest. Retailers also believe that the interest factor will rise over time. It will lead to a better experience for users with an increase in their customer base.
The thing with crypto payments is the ease of making these payments and the minimal charges. And with Paypal now allowing the transfer of crypto to other wallets, it will be a game-changer.
What are your thoughts as Deloitte says 3/4th of retailers look to adopt crypto payments? And will you be interested in using the option? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: BNY Mellon invests in crypto asset manager Valkyrie.