A survey conducted by Deloitte in partnership with PayPal found that over 85% of merchants “rank enabling cryptocurrency payments as a high or very high priority.” Additionally, “nearly three-quarters of respondents indicated plans to accept either cryptocurrency or stablecoin payments within the next 24 months.”

The majority of merchants surveyed plan to enable crypto payments

Financial services firm Deloitte, in partnership with payments giant Paypal, on Wednesday released a report titled “Merchants Prepare for Crypto.”

The report contains the results of a survey conducted between December 3rd and 16th, 2021. The survey surveyed a sample of 2,000 executives from retail companies with annual sales of less than $10 million to more than $500 million in the United States

“Respondents reported at least a general knowledge of cryptocurrency and stablecoins,” the report states, adding that most of them “are a key decision-maker in deciding whether their organization would accept cryptocurrency and stablecoins as a form of payment.”

The report states, “Traders are considering adopting two different types of digital currencies: cryptocurrencies and stablecoins,” stating:

More than 85% of organizations rank enabling cryptocurrency payments as a high or very high priority, while about 83% do the same for stablecoins.

In addition, the report states: “There are also common expectations of widespread adoption in the future. Around 85% of merchants surveyed expect digital currency payments to be ubiquitous among vendors in their industry five years from now.”

In addition, the report adds:

Almost three-quarters of respondents indicated plans to accept either cryptocurrency or stablecoin payments within the next 24 months.

Overall, 87% of respondents agree that organizations that accept digital currencies have a competitive advantage in the marketplace.

Merchants are eager to adopt digital currency payments for a variety of reasons, the report said. 48% of respondents said it will improve the customer experience, 46% said it will grow their customer base, and 40% said it will give their brand a sense of innovation.

What do you think of this Deloitte survey? Let us know in the comment section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.

photo credit: Shutterstock, Pixabay, WikiCommons

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