Towards payment in crypto – A growing number of tradespeople in different sectors accepts cryptocurrency payments. According to a study by DeloitteU.S. merchants could massively adopt this payment choice in the next two years.
Towards the adoption of cryptocurrency payment
Deloitte has published the results of its investigation conducted with PayPal, on theadoption cryptocurrency payments by merchants.
The firm had carried out this study from December 3 to 16, 2021. Regarding the sample, 2,000 frames retail company executives participated in the survey.
In addition, 3 elements make it possible to assess the quality of the sample:
- these executives reported having at least one knowledge general of cryptocurrencies and stablecoins ;
- most of them are makers leading on the issue ofacceptance crypto payments;
- their companies achieve a turnover from under $10 million to over $500 million in the United States.
By interviewing these executives, the survey revealed at least 2 key figures that describe interest ported to crypto payments by merchants:
- more 85% of merchants Americans view enabling crypto payments as a high priority ;
- close to three quarters plan “toaccept payments in cryptocurrencies or stablecoins in the next 24 months “.
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Crypto payment subject to conversion
However, other data qualify the interpretation of these encouraging figures on the adoption of crypto payments.
One of them concerns the storage cryptocurrencies. On this point, most traders would not be ready to hold digital assets.
52% of attendees in the survey indeed want to use a payment processor that converts cryptocurrencies in fiat currencies.
Companies prefer to use this solution to easily and quickly implement this new means of payment.
This conversion into fiduciary currencies would also allow them to reduce the risks related to volatility cryptocurrencies.
But the Deloitte and PayPal survey didn’t just highlight merchants’ enthusiasm for crypto payments. It also specifies the main obstacles to the adoption of these:
- 43% of respondents mentioned the customer safety payment platforms;
- 37% are worried about the evolution of the regulations ;
- 36% fear the instability of crypto markets.
The adoption of crypto payments would therefore be about to experience strong growth. This method of payment has also recently scored points in the luxury sector.
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