US Retailers Show Interest in Crypto Assets, Report Says
Crypto correction is not hampering its adoption by any means. According to a recent report published by Deloitte, in which the company highlighted the results of a survey conducted between 3 December and 16 December 2021, most US retailers are planning to accept crypto assets for payments in the next few years.
Around 85% of the surveyed retailers said that the crypto payments will be ubiquitous among suppliers in their industry in five years. Approximately 46% of merchants are planning to adopt cryptocurrencies to expand their customer base. 40% believe that their brand will be perceived as cutting edge after the crypto adoption.
“Retailers hold an increasingly optimistic view of digital currency as a form of payment and are quick to recognize this as a business imperative. Current spendings are still on the smaller side but growing significantly. Not surprisingly, the larger companies are more likely to be making significant investments in their digital currency adoption plans. Over half (54%) of large retailers (with revenues of $500 million and up) have invested more than $1 million in enabling digital currency payments, while only 6% of small retailers (with revenues of under $10 million) did so,” the report noted.
Initially, merchants accepted digital currencies for marketing purposes. However, the speed and cost of the transaction have now become the primary reason for crypto adoption among US retailers.
Education and Regulatory Clarity
Deloitte also highlighted the importance of crypto education and a clear regulatory framework for the acceptance of digital assets among retailers across the US.
“We expect continued education and broader learning to underpin further regulatory clarity to allow for wider mainstream adoption across a broader set of financial service offerings and products, and feel specifically encouraged by the current engagement from different orbits of the US government,” the report concluded.
This article was written by Bilal Jafar at www.financemagnates.com.