A new Deloitte survey titled โMerchants getting ready for cryptoโ contains extremely bullish news. It clearly 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.ย
โSurvey 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, and are expected to see broad near-term adoption,โ Deloitte concludes. Besides that, merchants see โbenefits such as speed of payments and cost efficiencies.โ Which shows theyโre not in just for the flashy โdifferentiation,โ and already see all of the benefits it could bring to them.ย
As for the methodology, letโs quote the document:
โThe survey focuses on US consumer businesses, with annual revenues ranging from below $10 million to $500 million and above, asking their views on digital currency payments and the investments theyโve made in payment infrastructure, as well as their plans for the years ahead.โ
So, these are medium to big-sized players weโre dealing with here. Deloitte doesnโt differentiate between bitcoin and crypto, and doesnโt specify exactly which cryptocurrencies the merchants are talking about. The survey company makes a point of separating stablecoins from the rest of the cryptocurrencies, though.
Results: Deloitte And Merchants
- โAround two-thirds (64%) of our surveyed merchants indicated that their customers have significant interest in using digital currencies for payments.โ These are staggering numbers, considering the majority of the population doesnโt even know what a stablecoin is. If merchants are perceiving this tendency, chances are it does exist.ย
- โ83% expect consumer interest in digital currencies for payments to increase or significantly increase over the next 12 months.โ We agree wholeheartedly, Deloitte.
- โMore than 85% of the organizations are giving high or very high priority to enabling cryptocurrency payments, while roughly 83% are doing the same for stablecoins.โ Weโre willing to bet not many people in crypto suspects that the numbers are this high. If they did, theyโd be even more bullish.ย ย
- โAround 85% of surveyed merchants expect that digital currency payments will be ubiquitous among suppliers in their industry in five years.โ We agree wholeheartedly, Deloitte. In five years weโll live in a new universe, and crypto will be one of the catalysts.
- โNearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.โ The positive attitude is there and plans are underway.
How could you not be bullish?ย
AVAX price chart on Bittrex | Source: AVAX/USD on TradingView.com
Results: This Is What Adoption Looks Like
- โAn overwhelming majority of those who currently accept cryptocurrency as a payment instrument (93%) have already seen a positive impact on their businessโs customer metrics, such as customer base growth and brand perception.โ This is as close to unanimously as weโre going to get, Delloite. The hype is real.
- โThey expect to derive value from their digital currency adoption in three distinct ways: improved customer experience (48% of respondents), increased customer base (46%), and brand is perceived as cutting edge (40%).โ No comments on this one.
- โIt is worth noting that 86% see a significant benefit to their finance and cash management for accepting digital currency payments.โ The key word is crucial hereย
- โIn fact, 26% have already integrated digital currencies in their finance functionality such as revenue cycle and treasury, and 61% plan to do it over the next 24 months.โ If the government permits it.ย
- โOver half (54%) of large retailers (with revenues of $500 million and up) have invested more than $1 million on enabling digital currency payments, while only 6% of small retailers (with revenues of under $10 million) did so.โ As it should be, Delloite. As it should be.
- โSlightly more than a quarter (26%) of the organizations surveyed for this report have already begun integrating digital currency into their finance department functionality, but more than a third of respondents (39%) plan to begin integration within a year.โ Considering holding cryptocurrencies is a high-risk maneuver, these are phenomenal numbers.
And thatโs what Deloitte and the companies that they interviewed had for us. Hereโs hoping they provide us with new mind-blowing material sooner than later.
Featured Image: Screenshot from the study | Charts by TradingView
