Three-quarters of retailers intend to accept crypto payments in two years – TokenPost
Three-quarters of retailers intend to accept crypto payments in two years
Deloitte surveyed 2,000 senior retail executives, including those in cosmetics, electronics, fashion, transportation, food and beverage, about their intention to accept Bitcoin payments , Ethereum and other cryptos.
Crypto exchanges have reported a significant drop in trading volumes as the current crypto market downturn has dragged the prices of Bitcoin (BTC), Ethereum (ETH) and other digital currencies to just a fraction from their previous all-time highs set last year. However, the slowdown has not diminished the appetite of retailers, as a quarter of stores plan to accept crypto payments in two years.
In a June survey by Deloitte titled “Merchants Gearing Up for Crypto,” about 75% of retailers intend to accept payments in cryptocurrency or stablecoins within the next two years. CNBC reported. The survey involved 2,000 senior retail executives, including those in the cosmetics, electronics, fashion, transportation, food and beverage sectors.
Although the use of Bitcoin (BTC), Ether (ETH) and other cryptos is relatively new, 83% of retailers expect consumer interest in digital currencies to increase over the next year. To prepare for this expected increase in the use of crypto for payments, more than half of survey participants have already invested over $1 million to enable their outlets to accept payments. in digital currency.
While merchants intend to accept crypto as payment, that doesn’t mean they also plan to hold Bitcoin, Ether, and other digital currencies they receive from customers. More than half plan to use third-party payment processors to convert digital currency into fiat, such as US dollars, British pounds and euros.
Using third-party payment processors to automatically convert crypto payments to fiat is one way to manage the risks associated with crypto price volatility. Additionally, the payment setup also makes it faster and easier for merchants to accept digital currencies, according to Deloitte.
Retailers recognize that there are barriers to enabling crypto payments. Ninety percent are concerned about the complexity of making their existing payment infrastructures crypto-friendly, while others said regulatory uncertainty is a concern and instability in the crypto market could be a problem.
However, most retailers surveyed are optimistic about the future of crypto payments. Nearly half of respondents believe that accepting digital currencies could help improve customer experience and increase customer base.
“We anticipate that new partnerships with regulated and established institutions in the industry will help deliver the benefits of digital currencies (e.g., convenience and support) and continue to build the necessary foundation of trust,” Deloitte wrote.
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