Although crypto market’s current situation looks very scary, digital assets have continuously expanded their reach since its initiation. Likewise, the U.S. also recorded a significant crypto adoption over the last year and will continue to adopt blockchain technology in the future too.
A survey conducted by a professional firm, Deloitte, in partnership with the giant payment method PayPal, has concluded that three-quarters of the retail organizations in the U.S. plan to support digital transfers in the upcoming two years. Dubbed “Merchants getting ready crypto,” pooled 2,000 executives of retail organizations in the U.S. last December to see how merchants treat crypto payments.
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The report reads:
The majority of merchants believe customer interest will increase over the next year, and nearly 75% reported plans to accept stablecoin payments and almost the same reported plans to accept cryptocurrency payments, both within the next 24 months.
The participating retailer executives showed a high-interest rate on digital currencies. Most of them expect virtual currencies to become an everyday thing as they see mass adoption in the coming years. The report adds;
Nearly all the respondents agreed that the use of digital currencies for regular, everyday purchases will increase over the next few years.
According to the survey report, 87% of respondents affirmed that including digital transfers in traditional businesses provides a “competitive edge” to them. Similarly, 83% of retailers believe digital assets will get a legal tender in nearly a decade. While 85% expressed their vision that digital currency will have exponential growth in their respective industry in the five years.
Bitcoin price currently trades below $22,000. | Source: BTC/USD price chart from TradingView.com
Merchants Building Infrastructure To Integrate Crypto Payments
As it should be, a wide range of executives took part in the survey from multiple industries. It includes cosmetics, digital goods, fashion, leisure, hospitality, electronics, transportation, food and beverages, and other retail sectors.
As merchants are already eager to adopt digital payment services, more than half of large-scale retailers surpassing $500 million in revenue are spending one million dollars or more to build an infrastructure to enroll digital payments in the future, per Deloitte.
Not only have the large sellers invested in developing necessary infrastructure, but small-sized businesses have marked significant investments to enable digital transactions in the future. Per the report, small companies with revenue between $10 million to $100 million are investing between $10,000 and $1 million to integrate crypto payment services.
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The report further added that merchants’ spending would continue to increase in the short and long period. In addition, more than 60% of retailers said they expect to increase their budget by over $500,000 by next year. By the way, digital assets were trading at their peak rates at the time of the survey conducted, last December.
Featured image from Pixabay and chart from TradingView.com
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Author: Saeed Hassan