A new Deloitte study suggests American businesses are interested in crypto now more than ever.
Within the past couple of years, the crypto space has evolved remarkably. The structures supporting its operation have become more advanced, drawing the attention of business owners in traditional finance.
Consumers Hold Significant Interest in Crypto Payments
On June 8, accounting giant Deloitte released a survey called “Merchants getting ready for crypto”. The survey functioned as a research vehicle to reveal the general sentiment regarding the growing popularity of crypto payment systems. In its result, Deloitte found an evident growing appeal for cryptocurrencies among business owners.
Details on Deloitte’s Crypto Poll
Deloitte’s respondents comprised 2000 top executives from US-based retailers. Subsequently, the majority of these individuals reported general knowledge of the crypto space and stablecoins. These execs also disclosed that they had a significant say in deciding whether or not their organizations would offer customers crypto payment options.
64% of the respondents shared that the clients in question were more than open to paying in cryptocurrency. This is something the release pointed out: a growing customer interest in “digitally-based solutions”. As a result, retailers have begun to take note of this interest, especially those with a younger client base.
Deloitte took note of the increasing “digital awareness”, pointing out that companies could get left out if they fail to stay on-trend. Fortunately, most survey respondents appear to have a favorable view of digital assets. As a matter of fact, several respondents acknowledged the shifting consumer sentiment and are conscious of the role digital money has to play in it.
US Businesses See Crypto Payments as an Edge
The survey revealed that 87% of retail companies believe businesses that offer crypto as a payment option have an advantage over competitors in their respective niches.
26% of the polled organizations have already incorporated crypto payments, and 39% have plans for the same within one year. A little more than three-quarters will mirror the move in 24 months, and about 12% in a few years. This leaves roughly 1% with no current plans for crypto integration.
Pro-crypto Businesses See Rewards
Notably, a staggering majority of businesses accepting crypto payments have experienced an increase in revenues. According to Deloitte’s survey, 93% of businesses with crypto payment options reported a variety of positive developments. For one, these organizations report an improved client experience and an expanding pool of consumers. They have also experienced a significant rise in cash inflow and an altered perception of their brands, now seen as progressive.
Given the merits these businesses believe come with adoption, the survey respondents expect a rapid rise in crypto’s acceptance rate. 85% predict that crypto payments will become prevalent amongst their industry suppliers in the next five years. Over half also believe customer interest will grow within a year, and digital currency will become legal tender in 10.
Merchants are Aware of Difficulties
Despite their positive views, the respondents are not ignorant of the challenges of crypto adoption. Most (85%) acknowledged the complexity of merging digital currency payments with existing traditional systems. Other notable barriers include inadequate regulatory and security infrastructures and general market instability.
Regardless, the surveyed companies are keen on acceding to customer demands, since the anticipated advantages make the venture worth it. Moreover, the poll confirmed that retailers are perceptive and responsive to consumer needs. Presently most organizations have partnered with third-party payment processors to incorporate crypto payments.
The majority agree that digital currencies will increase in everyday use within the next few years. As the crypto ecosystem develops further, US business owners will become more confident in these assets alongside their consumers.