85% of Merchants Want Crypto Payments by 2024

Fiat payments may soon be a thing of the past with more and more merchants looking to accept payments in cryptocurrencies.
85% of Merchants Want Crypto Payments by 2024

According to a joint survey conducted by Deloitte and Paypal, 85% of US retailers prioritize crypto payments, and three-fourths intend to accept crypto payments within the next 24 months. 

Deloitte surveyed over 2000 senior executives in the US across various sectors, including fashion, hospitality, leisure, home, food, and electronics, on questions related to digital assets. 

The findings suggest a widely positive acceptance of crypto, with the majority believing crypto payments will be a norm in the future. Furthermore, small and large organizations are equally interested in enabling crypto payments in the coming years. 

More than 73% of retailers with revenues between $10 million and $100 million are investing anywhere between $100,000 to $1 million to build the infrastructure necessary for crypto payments. 

60% of the retailers said they expect a $500,000+ budget to implement crypto payments in the next 12 months. Deloitte predicts the spending to increase over the coming years gradually.

Of the organizations already accepting crypto payments, 93% reported an improvement in customer metrics.  

“Our survey confirms the direction and strength of the trajectory toward broad adoption of digital currency payment solutions across US retail organizations. Respondents understand the value and benefits of such capability and have taken steps toward enablement.”

Deloitte added:

“Merchants are listening to their customers and believe that many currently have a significant interest in using digital currencies for payments”

64% of the retailers said they had received requests from clients for such integrations, and they expect the interest to rise in the next few years. Most believe crypto integrations will enhance customer experience, and 40% think their product would be seen as “cutting edge.”

The biggest challenge for 45% in accepting crypto payments is integration with legacy systems and other digital assets. Other issues are security (43%), regulations (37%), volatility (36%), and budget (30%). 

The Big 4 accounting firms expect “continued education” and regulatory clarity can expedite the integration process. 

Here is the complete report of the survey by Deloitte.

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James Satoshi
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