Deloitte Survey Clearly Shows Crypto Payments Are The Next Big Thing In Commerce
August 04 2022 - 3:14AM
NEWSBTC
A new Deloitte survey titled “Merchants getting ready for crypto”
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. “Survey 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,” Deloitte concludes. Besides that, merchants see
“benefits such as speed of payments and cost efficiencies.” Which
shows they’re not in just for the flashy “differentiation,” and
already see all of the benefits it could bring to them. As
for the methodology, let’s quote the document: “The 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 they’ve made in
payment infrastructure, as well as their plans for the years
ahead.” So, these are medium to big-sized players we’re dealing
with here. Deloitte doesn’t differentiate between bitcoin and
crypto, and doesn’t 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 “Around two-thirds (64%) of
our surveyed merchants indicated that their customers have
significant interest in using digital currencies for payments.”
These are staggering numbers, considering the majority of the
population doesn’t even know what a stablecoin is. If merchants are
perceiving this tendency, chances are it does exist. “83%
expect consumer interest in digital currencies for payments to
increase or significantly increase over the next 12 months.” We
agree wholeheartedly, Deloitte. “More 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.”
We’re willing to bet not many people in crypto suspects that the
numbers are this high. If they did, they’d be even more
bullish. ”Around 85% of surveyed merchants expect that
digital currency payments will be ubiquitous among suppliers in
their industry in five years.” We agree wholeheartedly, Deloitte.
In five years we’ll live in a new universe, and crypto will be one
of the catalysts. “Nearly three-quarters of those surveyed reported
plans to accept either cryptocurrency or stablecoin payments within
the next 24 months.” The positive attitude is there and plans are
underway. How could you not be bullish? AVAX price chart on
Bittrex | Source: AVAX/USD on TradingView.com Results: This Is What
Adoption Looks Like “An overwhelming majority of those who
currently accept cryptocurrency as a payment instrument (93%) have
already seen a positive impact on their business’s customer
metrics, such as customer base growth and brand perception.” This
is as close to unanimously as we’re going to get, Delloite. The
hype is real. “They 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%).“ No comments on this one.
“It is worth noting that 86% see a significant benefit to their
finance and cash management for accepting digital currency
payments.” The key word is crucial here “In 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.” If the government permits it.
“Over 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.” As it should be, Delloite. As it
should be. “Slightly 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.” Considering holding cryptocurrencies is a high-risk
maneuver, these are phenomenal numbers. And that’s what Deloitte
and the companies that they interviewed had for us. Here’s hoping
they provide us with new mind-blowing material sooner than later.
Featured Image: Screenshot from the study | Charts by TradingView
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