Cryptocurrency adoption in the US has witnessed notable growth over the past year, and these growth levels are expected to increase over the coming years. A recent report by Deloitte said that 75% of the retailers in the United States planned to start accepting cryptocurrency and stablecoin payments over the next two years.
Crypto retail use in the US will increase
The survey published by Deloitte showed that over 50% of the large retailers in the US with revenues surpassing $500 million were spending at least $1M in creating the infrastructure needed to support crypto payments.
The survey details were released in the “Merchants Getting Ready for Crypto” report by Deloitte. The report was released through a partnership with PayPal. PayPal is one of the largest fintechs offering services in the payments sector, and it has been big on crypto-related offerings.
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Most merchants in the survey said that they expected cryptocurrency payments would go mainstream in their industries over the next five years. The survey involved 2000 senior executives operating in US retail organizations from December 3 and December 16, 2021. During this period, crypto prices were in a bullish state.
The retail executives in the survey were involved in multiple industries, including electronics, fashion, cosmetics, digital goods, leisure, hospitality, transportation, food and beverages, and a wide range of other sectors.
The survey results also show that large companies are not the only ones paying attention to the crypto sector. Small to medium-sized companies were also getting involved in the sector, with the report showing that retailers with revenues ranging between $10M and $100M, with investments between $100,000 to $1M to support the necessary infrastructure.
The Deloitte report also said that the spending would continue to increase in the near and long-term. Over 60% of the retailers said they expected budgets surpassing $500,000to to support cryptocurrency payments over the next 12 months.
Growing demand for crypto payments
One of the top factors fueling the adoption of cryptocurrencies by retailers is the growing demand from customers. The global retail market is yearning to integrate cryptocurrencies as a payment method, and this rising demand is forcing companies to change the retail scope.
64% of the merchants involved in the survey said that their customers had expressed increased interest in using crypto for payments. 83% of the retailers also expect retail interest to increase significantly by the end of the year.
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