The ecosystem around cryptocurrencies is becoming more developed, and the expansion of businesses is being continuously driven by the greater usability and accessibility of these assets as a payment method amongst merchants as an alternative to traditional money.
In particular, 87% of retailers in the U.S. are of the opinion that businesses that accept digital currencies have a significant edge over their rivals in the market, according to a survey titled ‘Merchants getting ready for crypto’ published by Deloitte on June 8.
While 93% of businesses presently accepting crypto as a payment method report good consumer KPIs, including customer base growth, revenue increases and brand impression.
Merchants are more positive about crypto than expected
Small and medium-sized businesses (SMBs) may be expected to be less optimistic about the acceptance of digital currency payments, yet the majority of SMBs polled expect the adoption of digital currency payments to benefit their firms as per the report.
Indeed, almost three-quarters of those polled said that they want to start accepting payments in the form of cryptocurrencies or stablecoins within the next twenty-four months.
It’s also worth mentioning that 64% of the business owners that were surveyed between December 3 and December 16, 2021, reported that their clients had a considerable interest in making payments using digital currency.
Several factors have contributed to the eagerness of retail organisations to accept payments in digital currency. They recognize that the market is undergoing fast change and want to cater to the interests of their customers.
Also, merchants anticipate obtaining value from their use of digital money in three unique ways: a better customer experience (reported by 48% of respondents), a larger client base (noted by 46% of respondents), and a brand that is viewed as being on the leading edge (40%).
Business owners attentive to customer demands
Ultimately the research reveals that retailers are sensitive to their customers’ needs and expectations and perceive commercial and enterprise-related advantages of integrating digital currency payments.
These businesses have already spent money on providing this capacity, and they intend to keep doing so in the future.
Nevertheless, there are still a lot of aspects to be addressed regarding crypto payments, such as choices about infrastructure, the establishment of a regulatory framework, and the development of a security framework.
Inevitably, these factors will decide the rate at which adoption continues to expand.