A survey conducted by Deloitte found that more than 85% of US merchants view enabling crypto payments as a high priority, with almost three-quarters of respondents planning to accept either cryptocurrency or stablecoin payments within the next 24 months.
Although crypto payments are not yet an everyday occurrence for most customers, interest is significant, especially among younger generations, Deloitte said, calling this a sign to retailers that those failing to embrace customer demand risk of losing out on profits.
Spending on crypto infrastructure is expected to increase, as more than 60% of respondents said they expect to have budgets of more than $500,000 to enable digital currency payments in the next 12 months.
Enabling crypto payments does not mean companies will be holding digital assets. More than half (52%) plan to have payment processors convert crypto into fiat currency, and companies partnering with third-party crypto payment processors are particularly likely to do so (61%). This offers easier and faster time to market and is considered lower risk than alternatives, the study said.
Still, respondents cited multiple barriers to adoption of crypto payments, with customer security of the payment platforms topping the list (43%), followed by the changing regulatory landscape (37%) and instability of the digital currency market (36%).
The study, titled “Merchants Getting Ready for Crypto,” conducted in collaboration with PayPal, was published last week and conducted from December 3-16, polling 2,000 senior executives from US retail companies.
Respondents reported at least a general knowledge of cryptocurrency and stablecoins, and most were primary decision-makers regarding whether their companies would accept crypto payments.