A survey released by one of the Big Four accounting firms has revealed that most US retailers are open to accepting crypto payments and are actively working towards it.
Deloitte, a multinational accounting firm, has released the results of a survey it carried out in December last year, which shows a significant interest in accepting crypto payments by retailers. It is worth noting that the survey received responses from about 2000 executives from retail firms spanning various industries in the US.
According to the survey, 85% of retailers consider accepting crypto payments a high priority. Notably, 75% of respondents are working to do just that in the next two years.
87% of the retailers surveyed believe accepting crypto payments could give them an edge over the competition. Moreover, as the survey reveals, 64% of the merchants have seen customers show interest in paying for goods and services in crypto, with 83% expecting this interest to grow in 2022. Consequently, over 60% of respondents say they have allocated more than $500,000 to facilitating crypto payments in 2022.
While most of these firms are working to facilitate crypto payments, most would rather not deal with the complexities and possible risks of holding the crypto. As per the report, 52% of merchants plan to work with payment processors that immediately convert the received digital assets to fiat.
Meanwhile, respondents also noted that enabling crypto payments was not without its challenges. According to the survey, the predominant challenge faced when trying to enable crypto payments is the complexity of integrating digital currencies with existing financial infrastructure.
It is worth noting that there has been an increase in the trend of accepting crypto payments by merchants in the US this year. For example, as reported by ZyCrypto a week ago, a leading restaurant chain, Chipotle Mexican Grill, has partnered with Flexa to accept crypto payments in all its stores in the US.
The fashion industry has also been one of the biggest adopters. Various fashion houses under the Kering Group have recently committed to accepting crypto payments in their flagship US stores. The list currently includes Gucci and Balenciaga.