A survey of top merchants i.e. 2,000 senior executives at U.S. retail organizations by Deloitte has found that a significant majority, almost 87%, of the surveyed respondents agree that businesses already adopting payment system via crypto currencies, i.e. digital currencies are having competitive advantage over others who are reluctant to accept payment transactions through crypto currencies.
Deloitte Collaborates With Paypal for Survey
The survey titled as “Merchants Getting Ready for Crypto: Merchant Adoption of Digital Currency Payments Survey” was conducted by Deloitte in collaboration with Paypal, another global leader in payment transactions online.
Merchants Showing Optimism in Crypto Currencies
The survey shows fast increasing acceptability of digital currencies among the businesses. According to Deloitte, as more and more consumers buying goods and services by making payment through digital currencies, US merchants are also positively adapting to the rising demand of payment mechanism facilitating digital payments.
Another important finding of the survey was that 85% of the merchants believe that within 5 years, almost all retailer businesses would be accepting crypto currencies as payments from consumers for goods and services. With regard to acceptability of Stablecoins, 83% of the respondents showed positive response. Stablecoins are also a class of crypto currencies which have their value pegged to a fiat currency such as US Dollar.
Risks of Not Accepting Cryptocurrency
Though the survey notes that payment transactions through digital currencies are not an everyday phenomenon but more and more consumers especially from the younger generation are using crypto currencies as mode of payment. The survey, makes observation that the businesses not meeting demands of emerging consumers for adopting crypto currencies as payment option “run the risk of being left behind and losing out on profits.”
Survey Conducted in December 2021
Deloitte conducted the survey between December 3, 2021 to December 16, 2021 among retail organizations generating annual revenues between below $10 million to $500 million and above. The surveyed retail businesses operate in business categories like fashion, food & beverages, personal & household goods, services, cosmetics, digital goods, electronics, home/garden, hospitality & leisure and transportation.
As per the Survey, “Seventy-five percent (75%) of respondents’ organizations’ primary channel of sales was business-to-consumer (B2C), while 15% of the organizations were business-to-business (B2B) and 10% were direct-to-consumer (D2C).”
It may be noted that the between the period when the survey was conducted in December 2021 and release of the same in June 2022, cryptocurrencies including Stablecoins have seen significant fall.
Full report of Deloitte’s “Merchants Getting Ready for Crypto: Merchant Adoption of Digital Currency Payments Survey” can be accessed from this link.
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