Deloitte: 75% of U.S. retailers focus on cryptocurrency payments within 24 months

Three-quarters of U.S. retailers plan to accept cryptocurrency or stablecoin payments within the next two years, according to a new survey.

The survey also found that more than half of large retailers with revenues of more than $500 million are currently spending $1 million or more to build the required infrastructure.

This information was disclosed in the “Merchants Prepare for Cryptocurrency” report published by Deloitte in partnership with PayPal on June 8.

Some 85% of surveyed merchants said they expect cryptocurrency payments to be ubiquitous in their respective industries within five years.

The survey polled 2,000 senior executives at U.S. retail organizations between Dec. 3 and Dec. 16, 2021, when cryptocurrency prices were still high, but the results have only just been released. Executives were evenly spread across cosmetics, digital products, electronics, fashion, food and beverage, home and garden, hospitality and leisure, personal and household goods, services and transportation.

Small and medium-sized companies are also getting involved, with 73% of retailers with revenues between $10 million and $100 million investing $100,000 to $1 million to support the required infrastructure.

According to Deloitte, this spending will not stop here and is expected to increase through 2022. More than 60 percent of retailers said they expect to spend more than $500,000 on crypto payments over the next 12 months through December.

Consumers Push Crypto Payments

Consumer interest is driving merchant adoption, with 64% of merchants saying their customers have shown a high level of interest in paying with cryptocurrencies. Some 83% of retailers expect interest to increase or increase significantly by 2022.

Nearly half expect their adoption of cryptocurrency will improve customer experience, about the same number think it will increase their customer base, and 40% hope their brand will be seen as "cutting edge."

Retailers Are Optimistic About Digital Currencies

Of the retailers that already accept cryptocurrencies, 93% say cryptocurrencies have had a positive impact on their customer metrics.

Application challenges cited by operators and merchants include payment system security (43%), regulatory changes (37%), volatility (36%) and lack of budget (30%).

The complexity of integrating cryptocurrencies with legacy systems and the complexity of integrating multiple cryptocurrencies are the biggest challenges for 45% of respondents.

Deloitte said it expected "continuing education" would provide further clarity to regulators, allowing wider adoption across a wider range of products and services.