As the ecosystem surrounding cryptocurrencies is constantly evolving and businesses are constantly expanding by using and accessing these digital assets by having them as a payment method between merchants instead of traditional currencies.
In particular, Deloitte’s ‘Merchants getting ready for crypto survey’ which was published on June 8, states that 87% of retailers in the U.S. believe that digital currency adopting businesses have a significant advantage over their competitors in the market.
Although 93% of businesses now accept crypto as a payment method, and they are reporting good customer KPIs, including customer base growth, revenue growth, and brand impression, while accepting crypto as a payment method.
While Small and medium enterprises (SMBs) can be expected to be less optimistic about accepting digital currency payments, still as per the reports the vast majority of SMBs participating in the vote expect their companies to benefit from the digital currency payment acceptance.
Almost a third of those polled want to receive payments in the form of cryptocurrencies or the forms of stable currencies over the coming twenty-four months.
It should also be noted that 64% of business owners surveyed between December 3 and December 16, 2021, reported that their clients had a significant interest in availing payments using digital currency options.
Various factors have contributed to the interest of retail companies in accepting payments in digital currency. They subsequently recognized that the market is subjected to rapid changes and that they must adapt to the changes, needs and interests of their customers if they want to sustain themselves.
Additionally, merchants expect to gain value while using digital currency in three ways: improved customer experience according to (48% of respondents), a larger client base according to (46% of respondents identified) and the brand being viewed at the top according to (40% of the respondents).
Research ultimately reveals that retailers are sensitive to the needs and expectations of their customers and they further recognize the commercial and business-related benefits of integrating digital currency payments.
These businesses have already spent money to provide this capability and they hope to continue the same in the future as well.
However, there are still many issues with crypto payments that are required to be addressed, such as infrastructure options, setting up a regulatory framework, and developing a security framework for keeping both parties safe.
While these factors will determine the extension rate of adoption to the clients and the wider public in the future.
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