A new Deloitte survey titled \u201cMerchants getting ready for crypto\u201d contains extremely bullish news. It clearly shows that businesses of all sizes are getting ready for all kinds of crypto payments. And the vast majority believe that they will become ubiquitous in the next few years. Merchants, they are just like us. Deloitte produced the survey in association with PayPal, which is telling and arises questions.\u00a0<\/p>\n
\u201cSurvey respondents are very optimistic about digital currencies in the consumer market, reporting broad agreement that accepting digital currency payments is already a point of differentiation, and are expected to see broad near-term adoption,\u201d Deloitte concludes. Besides that, merchants see \u201cbenefits such as speed of payments and cost efficiencies.\u201d Which shows they\u2019re not in just for the flashy \u201cdifferentiation,\u201d and already see all of the benefits it could bring to them.\u00a0<\/p>\n
As for the methodology, let\u2019s quote the document:<\/p>\n
\u201cThe survey focuses on US consumer businesses, with annual revenues ranging from below $10 million to $500 million and above, asking their views on digital currency payments and the investments they\u2019ve made in payment infrastructure, as well as their plans for the years ahead.\u201d<\/p>\n
So, these are medium to big-sized players we\u2019re dealing with here. Deloitte doesn\u2019t differentiate between bitcoin and crypto, and doesn\u2019t specify exactly which cryptocurrencies the merchants are talking about. The survey company makes a point of separating stablecoins from the rest of the cryptocurrencies, though.<\/p>\n
Results: Deloitte And Merchants
\n\u201cAround two-thirds (64%) of our surveyed merchants indicated that their customers have significant interest in using digital currencies for payments.\u201d These are staggering numbers, considering the majority of the population doesn\u2019t even know what a stablecoin is. If merchants are perceiving this tendency, chances are it does exist.\u00a0
\n\u201c83% expect consumer interest in digital currencies for payments to increase or significantly increase over the next 12 months.\u201d We agree wholeheartedly, Deloitte.
\n\u201cMore than 85% of the organizations are giving high or very high priority to enabling cryptocurrency payments, while roughly 83% are doing the same for stablecoins.\u201d We\u2019re willing to bet not many people in crypto suspects that the numbers are this high. If they did, they\u2019d be even more bullish.\u00a0\u00a0
\n\u201dAround 85% of surveyed merchants expect that digital currency payments will be ubiquitous among suppliers in their industry in five years.\u201d We agree wholeheartedly, Deloitte. In five years we\u2019ll live in a new universe, and crypto will be one of the catalysts.
\n\u201cNearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.\u201d The positive attitude is there and plans are underway.<\/p>\n
How could you not be bullish?\u00a0<\/p>\n\n
AVAX price chart on Bittrex | Source: AVAX\/USD on TradingView.com
\nResults: This Is What Adoption Looks Like
\n\u201cAn overwhelming majority of those who currently accept cryptocurrency as a payment instrument (93%) have already seen a positive impact on their business\u2019s customer metrics, such as customer base growth and brand perception.\u201d This is as close to unanimously as we\u2019re going to get, Delloite. The hype is real.
\n\u201cThey expect to derive value from their digital currency adoption in three distinct ways: improved customer experience (48% of respondents), increased customer base (46%), and brand is perceived as cutting edge (40%).\u201c No comments on this one.
\n\u201cIt is worth noting that 86% see a significant benefit to their finance and cash management for accepting digital currency payments.\u201d The key word is crucial here\u00a0
\n\u201cIn fact, 26% have already integrated digital currencies in their finance functionality such as revenue cycle and treasury, and 61% plan to do it over the next 24 months.\u201d If the government permits it.\u00a0
\n\u201cOver half (54%) of large retailers (with revenues of $500 million and up) have invested more than $1 million on enabling digital currency payments, while only 6% of small retailers (with revenues of under $10 million) did so.\u201d As it should be, Delloite. As it should be.
\n\u201cSlightly more than a quarter (26%) of the organizations surveyed for this report have already begun integrating digital currency into their finance department functionality, but more than a third of respondents (39%) plan to begin integration within a year.\u201d Considering holding cryptocurrencies is a high-risk maneuver, these are phenomenal numbers.<\/p>\n
And that\u2019s what Deloitte and the companies that they interviewed had for us. Here\u2019s hoping they provide us with new mind-blowing material sooner than later.<\/p>\n
Featured Image: Screenshot from the study | Charts by TradingView<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
A new Deloitte survey titled \u201cMerchants getting ready for crypto\u201d contains extremely bullish news. It clearly shows that businesses of all sizes are getting ready for all kinds of crypto payments. And the vast majority believe that they will become ubiquitous in the next few years. Merchants, they are just like us. Deloitte produced the survey in association with PayPal, which is telling and arises questions.\u00a0<\/p>\n
\u201cSurvey respondents are very optimistic about digital currencies in the consumer market, reporting broad agreement that accepting digital currency payments is already a point of differentiation, and are expected to see broad near-term adoption,\u201d Deloitte concludes. Besides that, merchants see \u201cbenefits such as speed of payments and cost efficiencies.\u201d Which shows they\u2019re not in just for the flashy \u201cdifferentiation,\u201d and already see all of the benefits it could bring to them.\u00a0<\/p>\n
As for the methodology, let\u2019s quote the document:<\/p>\n
\u201cThe survey focuses on US consumer businesses, with annual revenues ranging from below $10 million to $500 million and above, asking their views on digital currency payments and the investments they\u2019ve made in payment infrastructure, as well as their plans for the years ahead.\u201d<\/p>\n
So, these are medium to big-sized players we\u2019re dealing with here. Deloitte doesn\u2019t differentiate between bitcoin and crypto, and doesn\u2019t specify exactly which cryptocurrencies the merchants are talking about. The survey company makes a point of separating stablecoins from the rest of the cryptocurrencies, though.<\/p>\n
Results: Deloitte And Merchants
\n\u201cAround two-thirds (64%) of our surveyed merchants indicated that their customers have significant interest in using digital currencies for payments.\u201d These are staggering numbers, considering the majority of the population doesn\u2019t even know what a stablecoin is. If merchants are perceiving this tendency, chances are it does exist.\u00a0
\n\u201c83% expect consumer interest in digital currencies for payments to increase or significantly increase over the next 12 months.\u201d We agree wholeheartedly, Deloitte.
\n\u201cMore than 85% of the organizations are giving high or very high priority to enabling cryptocurrency payments, while roughly 83% are doing the same for stablecoins.\u201d We\u2019re willing to bet not many people in crypto suspects that the numbers are this high. If they did, they\u2019d be even more bullish.\u00a0\u00a0
\n\u201dAround 85% of surveyed merchants expect that digital currency payments will be ubiquitous among suppliers in their industry in five years.\u201d We agree wholeheartedly, Deloitte. In five years we\u2019ll live in a new universe, and crypto will be one of the catalysts.
\n\u201cNearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.\u201d The positive attitude is there and plans are underway.<\/p>\n
How could you not be bullish?\u00a0<\/p>\n
AVAX price chart on Bittrex | Source: AVAX\/USD on TradingView.com
\nResults: This Is What Adoption Looks Like
\n\u201cAn overwhelming majority of those who currently accept cryptocurrency as a payment instrument (93%) have already seen a positive impact on their business\u2019s customer metrics, such as customer base growth and brand perception.\u201d This is as close to unanimously as we\u2019re going to get, Delloite. The hype is real.
\n\u201cThey expect to derive value from their digital currency adoption in three distinct ways: improved customer experience (48% of respondents), increased customer base (46%), and brand is perceived as cutting edge (40%).\u201c No comments on this one.
\n\u201cIt is worth noting that 86% see a significant benefit to their finance and cash management for accepting digital currency payments.\u201d The key word is crucial here\u00a0
\n\u201cIn fact, 26% have already integrated digital currencies in their finance functionality such as revenue cycle and treasury, and 61% plan to do it over the next 24 months.\u201d If the government permits it.\u00a0
\n\u201cOver half (54%) of large retailers (with revenues of $500 million and up) have invested more than $1 million on enabling digital currency payments, while only 6% of small retailers (with revenues of under $10 million) did so.\u201d As it should be, Delloite. As it should be.
\n\u201cSlightly more than a quarter (26%) of the organizations surveyed for this report have already begun integrating digital currency into their finance department functionality, but more than a third of respondents (39%) plan to begin integration within a year.\u201d Considering holding cryptocurrencies is a high-risk maneuver, these are phenomenal numbers.<\/p>\n
And that\u2019s what Deloitte and the companies that they interviewed had for us. Here\u2019s hoping they provide us with new mind-blowing material sooner than later.<\/p>\n
Featured Image: Screenshot from the study | Charts by TradingView<\/p>\n
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