In a report released yesterday, Deloitte stated over three-quarters of retail merchants will accept payments in cryptocurrencies and stablecoins in the next two years.
What Happened: On June 8, 2022, Deloitte, in partnership with Paypal Holdings Inc (NASDAQ:PYPL), released the report “Merchants Getting Ready For Crypto.” In this report, they interviewed 2,000 executives from major U.S. retail firms across an array of industries. Deloitte’s report deemed consumer demand to be the impetus for crypto adoption.
It stated that 83% of companies predict interest in cryptocurrency payments to increase over the span of this year. The report further revealed that 93% of merchants already accepting cryptocurrency payments do it to boost consumer satisfaction.
Why It's Important: As cryptocurrency regulation is just around the corner, the integration of cryptocurrency payments into retail markets is inevitable.
Major retailers are also looking to blockchain and digital currency companies to facilitate this shift. This transition will be hugely advantageous to both retail merchants as well as the cryptocurrency space.
Merchants will benefit from the instant nature of cryptocurrency payments, as opposed to the current system of credit cards and banking.
Furthermore, this integration will majorly benefit the crypto sector by opening doors to a larger capital inflow. However, with current market volatility and fluctuating legislative sentiment, the incorporation of crypto payments into the retail sector may see its fair share of obstacles.
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