According to a recent study, over 75% of U.S. traders hope to support stablecoin and cryptocurrency payment options over the next two years. Deloitte, a UK-based consulting and financial advisory firm, conducted a survey of 2,000 directors of small US companies and only recently published results.
The study was conducted between December 3rd and 16th when the values of digital assets were traded high. It also showed that over 50% of institutional retailers worth $ 500 million and more are investing no less than $ 1 million in developing all the necessary infrastructure to make crypto services available.
The study reveals that more than half of U.S. citizens expect crypto payments
According to the report, teaming up with payment giant PayPal, Deloitte found that all executives from different industries had the same intentions. From digital products, fashion, cosmetics, electronics, catering and leisure, household products and personal products, services and even transportation.
More than 85% of officials surveyed said they would soon make it easier to pay for crypts in their industries over the next five years.
In addition, research has shown that the adoption of cryptocurrencies has also flourished; over a quarter of the total number of surveyed company officials supported the adoption of cryptocurrencies. This figure is expected to jump to about three quarters by the end of 2022.
Customers are increasingly accepting crypto payments
The survey also found that SMEs (SMEs) were included in the survey; more than 73% of traders were worth about $ 10 million to $ 100 million and invested between $ 100,000 and $ 1 million to offer crypto trading on the platforms.
Deloitte stated that this investment in cryptocurrencies will not be short-lived. The company even predicts that consumption will increase by 2022. Over 60% of traders explained that their budgets for enabling cryptocurrencies are expected to increase to around $ 500,000 by 2022.
While market research is being conducted, the interests of customers are at the heart of the study. And more than 64% of companies have said positive things about their clients who support the adoption of cryptocurrencies. Therefore, the facilitation of cryptocurrency payment options is also expected.
Almost half of the senior executives surveyed note that the adoption of digital resources will improve their user experience. And another similar percentage is optimistic that this will increase their customer base. About 40% of them said that they would further develop their brand as “the most modern”.
U.S. retailers expect to consider paying with cryptocurrencies
Research reveals that many companies are trying to work with crypto platforms to provide these services to users. With digital currency solutions offered, they believe several thousand of their customers will be able to make instant transactions instead of waiting for other payment passes to verify payments.
Related Reading | Bitcoin miners’ revenues remain low as the price continues
Finally, Deloitte has released a report highlighting some of the challenges companies will face in adopting cryptocurrencies. The company explained that, regardless of the positive appearance of the adoption, it will encounter three main problems. These challenges include changing the law, platform security, and the high volatility of the DeFi market.
Featured image from BBC, chart from TradingView.com