Majority Of American Merchants Prioritize Crypto As Payment: Deloitte Survey

Deloitte in collaboration with PayPal has carried out a survey called “Merchant Attitude to Digital Currency” involving 2000 senior executives at retail organizations across the United States. The result shows that about 85% of the surveyed merchants expect that cryptocurrency will be everywhere in five years’ time.

Digital currency as a form of payment to be everywhere soon

In recent times, we have clearly seen more people adapt to the use of cryptocurrencies as a form of payment, Deloitte’s survey shows that the number of users might skyrocket in just about five years’ time as merchants in the US have been found to be optimistic about digital currency.

The survey which focused on US consumer businesses, with annual revenues ranging from below $10 million to $500 million and above, recorded that 64% of consumers currently have interest in digital currency and 85% of organizations are of the view that digital currency payments will be widespread by 2027.

It is also interesting to note that 54% of large retailers with revenues of $500 million and up have invested more than $1 million in attempts to authorize digital currency payments, and 6% of small retailers with revenues of under $10 million have done so, too.

The survey report notes that it appears cryptocurrencies and stablecoins as assets are a starting point and they play a key role for the trend to grow as a technology. However, there were reports of hitches and execution challenges still hindering adoption.

Shift in consumer and merchant behavior

In another survey, recently carried out by Crypto.com and WorldPay involving over 110,000 Crypto.com and Wordplay users. 75% of consumers affirmed that they would like to buy goods and services using cryptocurrencies while 60% merchants showed interest in accepting crypto in 2022.

Consumers preferred the utilization of crypto in the travel industry, sadly just 25% have shown interest in accepting crypto in the industry at this time. However luxury goods and retail industries are both interested in accepting crypto payments.

The report also found that customers are more than ready to start paying for goods and services right away using cryptocurrencies, but merchants might need to catch up with changing consumer behavior as lower interest was recorded in some industries.