The majority of American merchants are strongly considering adding cryptocurrency payments within the next few years, a survey conducted by Deloitte in collaboration with Paypal has shown.
The survey, dubbed “Merchants Getting Ready for Crypto,” featured 2,000 executives from retail companies across the US, and 85% affirmed that their firm is bound to accept crypto and stablecoins within the next 24 months.
A lot of these companies have seen the transformation in the digital currency ecosystem, stirred by the advent of the coronavirus pandemic. With crypto acceptance a major maker of digital financial evolution, retail executives are not waiting to sit on the sidelines and watch their customers patronize other firms that have integrated crypto payment capabilities.
The survey showed that as many as 60% of the respondents affirmed plans to allocate at least $500,000 to develop the infrastructure needed to integrate the crypto payments. The survey showed that the plans to integrate crypto payments are not aimed at keeping custody of the digital currencies as many of the respondents who adopt these payment models plan to convert them to fiat on the spot.
The survey showed that 52% of the respondents are committed to these swaps to fiat with 61% of those who planned a partnership with a third-party crypto payments service provider more likely to do so.
The insights the survey gave are already being showcased in the current reality of things. A lot of companies and brands are already accepting crypto payments for their services with Gucci being one of the most prominent names that have made this plunge.
Recently, CryptoMarketsBeat reported that luxury fashion brand Balenciaga has also unveiled plans to roll out crypto payments, beginning with its private customers in the United States, with plans to extend it to the other regions in the near term.
That most of the respondents to the Deloitte and Paypal survey are top decision-makers for their firms, we can expect more businesses to accept crypto payments in the coming months.