Retailers move towards crypto payments

Retailers are preparing to enable cryptocurrency support en masse, according to a report by Deloitte.

At least 85% of the interviewed merchants who responded to the Merchants Getting Ready For Crypto report said that they expected cryptocurrencies to become one of the viable options for payments.

The survey covered 2,000 senior executives who are in charge of some of the biggest US retail organizations.

It focused on the period between December 3 and December 16, 2021, or before the “crypto winter” began. Taking this into account, it’s safe to assume that some of these perceptions have shifted.

But the question seems to be not “if” but rather “when” cryptocurrency payments will become a part of the retail payment system.

The executives interviewed came from various backgrounds, including electronics, food and beverage, home and garden, digital goods, fashion, personal and household goods, and electronics.

Even small-to-medium enterprises are saying that they are prepared for crypto, with 73% of them confirming that they would explore the option.

These companies generate anything between $10m to $100m and will need anything between $100,000 to $1m to establish the infrastructure necessary to get started.

Retailers are motivated by what they see on a customer level. According to 64% of those interviewed, customers have been keen to start paying in cryptocurrency, enough it seems to create value and drive demand for such payments. Digital currencies have had a positive impact on customer metrics, 93% of interviewed retailers said.

However, there are issues that remain to be seen. There is the security of payment systems, volatility of currencies, lack of sufficient money to setup a system and changing regulation.

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Source

Updated: 06/10/2022 — 11:00