A new Deloitte survey shows that almost three-quarters of merchants have plans to accept crypto or stablecoins — cryptocurrencies pegged one-to-one with traditional fiat currency or a stable assets like gold — in the next two years. This goes across a variety of industries, ranging from fashion and cosmetics to food and electronics.
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Polling 2,000 executives at consumer goods and services retailers nationwide, Deloitte found that almost half of merchants see cryptocurrency adoption as a way to broaden their pool of customers and offer better customer experiences.
"We anticipate that further partnerships with regulated and established institutions in the industry will help deliver the benefits of digital currencies (e.g., convenience and support) and will continue to build the necessary foundation of trust," the report said.
The survey pointed out that 83% of companies anticipated customers would be interested in crypto over the next 12 months, with more than half of retailers already pouring in more than $1 million to facilitate the transition to digital payments.
More than half of retailers said that they would be relying on third parties for digital currency conversion.
The volatility and price fluctuations of cryptocurrencies, however, means that not everyone has embraced crypto payment methods.
Almost 90% of retailers said their digital infrastructure was not yet ready for consumers interested in using crypto, particularly as it related to security. Other retailers had anxiety about evolving government regulation and the volatility of the crypto market, while some pointed out that they were confused about the tax problems that might arise from using crypto for transactions.