85% of US merchants surveyed say enabling crypto payments is high priority


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A survey conducted by Deloitte found that more than 85% of US merchants view enabling crypto payments as a high priority, with almost three-quarters of respondents planning to accept either cryptocurrency or stablecoin payments within the next 24 months.

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Although crypto payments are not yet an everyday occurrence for most customers, interest is significant, especially among younger generations, Deloitte said, calling this a sign to retailers that those failing to embrace customer demand risk of losing out on profits.

Spending on crypto infrastructure is expected to increase, as more than 60% of respondents said they expect to have budgets of more than $500,000 to enable digital currency payments in the next 12 months.

Enabling crypto payments does not mean companies will be holding digital assets. More than half (52%) plan to have payment processors convert crypto into fiat currency, and companies partnering with third-party crypto payment processors are particularly likely to do so (61%). This offers easier and faster time to market and is considered lower risk than alternatives, the study said.

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Still, respondents cited multiple barriers to adoption of crypto payments, with customer security of the payment platforms topping the list (43%), followed by the changing regulatory landscape (37%) and instability of the digital currency market (36%).

The study, titled “Merchants Getting Ready for Crypto,” conducted in collaboration with PayPal, was published last week and conducted from December 3-16, polling 2,000 senior executives from US retail companies.

Respondents reported at least a general knowledge of cryptocurrency and stablecoins, and most were primary decision-makers regarding whether their companies would accept crypto payments.

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