It clearly shows that companies of all sizes are preparing for all forms of crypto payments. And the vast majority believe that they will become ubiquitous in the next few years. The traders, they are like us. Deloitte conducted this study in partnership with PayPal, which is revealing and raises questions.
“Survey respondents are very optimistic about digital currencies in the consumer market and largely agree that acceptance of digital currency payments is already a point of differentiation and is expected to see widespread adoption in the near term,” concludes Deloitte. In addition, merchants see “benefits such as faster payments and cost savings.” Which shows that they are not just there for the flashy “differentiation” and they already see all the benefits they could get out of it.
As for the method, let’s quote the document:
“The survey focuses on mainstream U.S. businesses with annual revenues from less than $10 million to $500 million and above, and asks about their perspective on digital currency payments and investments they’ve made in payment infrastructure, as well as their plans for years ahead.”
They are therefore medium to large players. Deloitte does not distinguish between bitcoin and crypto, nor does it specify exactly which cryptocurrencies traders are talking about. However, the research firm goes to great lengths to separate stablecoins from the rest of cryptocurrencies.
Results: Deloitte and Merchants
- “About two-thirds (64%) of our surveyed merchants indicated that their customers have a significant interest in using digital currencies for payments. These numbers are staggering considering that the majority of the population does not even know what a stablecoin is is. If traders perceive this trend, it is a safe bet that it exists.
“83% expect consumer interest in digital currencies for payments to increase or increase significantly over the next 12 months. We wholeheartedly agree, Deloitte.
“Over 85% of organizations place a high or very high priority on enabling cryptocurrency payments, while around 83% do the same for stablecoins. We’re willing to bet that few in crypto suspect the numbers are that high. In then they would be even more optimistic.
“About 85% of merchants surveyed expect digital currency payments to be ubiquitous among providers in their industry in five years. We totally agree, Deloitte. In five years, we will be living in a new universe, and crypto will be one of the catalysts.
“Nearly three-quarters of respondents said they intend to accept cryptocurrency or stablecoin payments within the next 24 months. The positive attitude is there and plans are underway.
How not to be optimistic?
Results: What adoption looks like
- “An overwhelming majority of those who currently accept cryptocurrencies as payment (93%) have already seen a positive impact on their company's customer metrics, such as customer base growth and customer perception. That's the closest thing to unanimity, Delloite. The excitement is real.
"They expect to gain value from adopting their digital currency in three different ways: improved customer experience (48% of respondents), increased customer base (46%) and perceived brand as avant-garde (40%). No comments on this point.
“Interestingly, 86% see a significant benefit to their finances and cash management from accepting digital currency payments. "The key word is decisive here
"In fact, 26% have already integrated digital currencies into their financial functions such as revenue cycle and cash flow, and 61% plan to do so within the next 24 months. If the government allows it.
“More than half (54%) of large retailers (with revenue of $500 million or more) have invested more than $1 million to enable digital currency payments, while only 6% of small retailers (with sales of less than 10 million dollars) has done it . As it should be, Delloite. As it should be.
“Just over a quarter (26%) of organizations surveyed for this report have already begun integrating digital currencies into their finance department functionality, but more than a third of respondents (39%) plan to begin integration within a year . Considering that holding cryptocurrencies is a high-risk maneuver, these numbers are phenomenal.
And that's what Deloitte and the companies they interviewed had for us. Hopefully they will deliver some great new items to us sooner than expected.
Be cautious and consult your financial advisor before making any investment decision. Mirror-Mag cannot be held responsible in case of bad investments. Before using a third-party service, you should do your own research.