85% of Merchants Say Crypto Is High Priority: Deloitte Report

British multinational professional services firm Deloitte has released analysis reports from its latest industry survey conducted in collaboration with PayPal. The report titled “Merchant Getting Ready for Crypto” states that 85% of organizations are giving high or very high priority to enabling cryptocurrency payments.

According to information received, this particular survey was reportedly conducted between December 3 and 16, 2021. The survey took a sample of 2,000 senior executives from retail organizations with annual income from less than $10 million to more than $500 million.

“A radical shift has occurred in less than a decade, with once-wary customers and retailers increasingly viewing digital currency through an optimistic lens,” reads the report. The study goes on to add that 85% of the organizations are giving high or very high priority to enabling cryptocurrency payments.

The Big Four accounting firm states that nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.

“Overall, 87% of merchants broadly agree that organizations accepting digital currencies have a competitive advantage in the market.”

The survey findings indicate that an overwhelming majority (93%) of those who currently accept cryptocurrency as a payment instrument have already seen a positive impact on their business’ customer metrics. This includes factors such as customer base growth and brand perception. Moreover, they expect this impact to continue next year.

However, the report also talks about the merchants recognizing several challenges when considering the enablement of digital currency payments. Among them, they consider the complexity of integration as the leading challenge.

In terms of the level of concern, more than three-quarters (79%) indicated a higher concern with cryptocurrencies. Because of the volatility associated with cryptocurrency, retailers report greater levels of concern about engaging in business payments with cryptocurrency than with stablecoins.