75% of retailers eyeing crypto payments within 24 months: Deloitte
Three quarters of United States retailers plan to acceptcrypto or stablecoin paymentswithin the next two years according to a new survey.
It also found that more than half of large retailers with revenues over $500 million are currently spending $1 million or more building the required infrastructure to make it happen.
The information was revealed in Deloitte’s “Merchants Getting Ready For Crypto” report released in collaboration with PayPal on June 8.
A large majority, around 85%, of the surveyed merchants said they anticipate that cryptocurrency payments will be ubiquitous in their respective industries in five years.
The survey polled 2,000 senior executives at U.S. retail organizations between Dec 3 and Dec 16, 2021 when crypto prices were still riding high, but the results have only just been revealed. The executives were distributed equally among the cosmetics, digital goods, electronics, fashion, food and beverages, home and garden, hospitality and leisure, personal and household goods, services, and transportation sectors.
Small to medium sized companies are also getting into the acts with 73% of retailers with revenues between $10 million and $100 million investing between $100,000 to $1 million to support the needed infrastructure.
According to Deloitte the spending won’t stop there and is only expected to increase over 2022. More than 60% of retailers said they expect budgets of more than $500,000 to enable crypto payments in the next 12 months to December.
Consumer interest is driving merchant adoption with 64% of merchants signalling their customers have expressed significant interest in using crypto for payments. Roughly 83% of retailers expect interest to increase or significantly increase over 2022.
Nearly half
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