Merchants are getting ready for crypto. That’s the message of a new survey conducted by Deloitte.
The survey, titled “Merchants getting ready for crypto,” shows that businesses of all sizes are getting ready for all kinds of crypto payments. And the vast majority believe that they will become ubiquitous in the next few years. Merchants, they are just like us. Deloitte produced the survey in association with PayPal, which is telling and arises questions.
“Survey respondents are very optimistic about digital currencies in the consumer market, reporting broad agreement that accepting digital currency payments is already a point of differentiation,” Deloitte concludes. Besides that, merchants see “benefits such as speed of payments and cost efficiencies.” Which shows they’re not in just for the flashy “differentiation,” and already see all of the benefits it could bring to them.
More than 220 million people started using bitcoin since its introduction in late 2008, many are using it to pay for goods and services and businesses are accepting the idea of crypto payments more and more.
In a survey polling a sample of 2000 senior executives made by Deloitte, businesses are embracing cryptocurrency payments to gain advantage in the market and in the belief that the use of crypto will expand later down the line.
Types of crypto payments accepted by businesses.
Merchants and businesses alike consider accepting three types of crypto payments: stablecoins, bitcoin and altcoins , we have already discussed these topics in detail in previous blogs.
What is stopping business from implementing crypto payments in their systems
The short answer is technological complexities, to be able to accept this type of payments companies need to build the required infrastructure to process these payments.
more than 89% of survey respondents have announced that integrating these payment methods is a lead challenge.
85% of the previously mentioned 89% are willing to take the risk and face the challenge as they believe that cryptocurrency payments will further spread in the years to come, not only that but businesses also want to support clients preferences as 64% of the clients of the survey poll want to use cryptocurrency for payments, some of the businesses added that implementing such technologies will re-define their brand as modern and cutting-edge.