Nearly 75% of US Retailers Eyeing Crypto Payments Within Two Years: Deloitte

Merchants Getting Ready For Crypto Payments, Says Deloitte

In a report titled "Merchants Getting Ready For Crypto" released by Deloitte in collaboration with PayPal, around 85% of the surveyed merchants said they anticipated that cryptocurrency payments would be all over the place in their respective industries in the next five years. The survey polled 2,000 senior executives of American retail organizations between Dec 3 and Dec 16, 2021. Executives were split evenly between various fields including cosmetics, digital goods, electronics, fashion, food and drink, home and garden, hospitality and leisure, personal and household goods, services, and lastly, transportation.

The survey found that more than half of large retailers with revenues over $500 million are currently spending $1 million or more building the required infrastructure to enable cryptocurrency payments. Small and medium-sized companies are also getting into the act, where 73% of retailers with revenues of $10 million to $100 million invested $100,000 to $1 million to build the essential infrastructure. According to the report, the spending won’t stop and is only expected to increase over the year. More than 60% of retailers said they expect budgets of more than $500,000 to enable crypto payments in the next 12 months to December.