Deloitte report confirms the advantages of crypto
Deloitte report confirms the advantages of crypto
Crypto

Deloitte report confirms the advantages of crypto

By Vincenzo Cacioppoli - 9 Jun 2022

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According to a Deloitte report done in collaboration with PayPal on 2000 US retail executives, the adoption of crypto as payment would be a competitive advantage.

Deloitte: the advantage of enabling crypto payments 

report deloitte
Deloitte’s report reveals that the majority of retail sellers believe in the benefits of cryptocurrencies when implemented in their payment system

According to a Deloitte study of 2,000 senior retail executives in the US and conducted in collaboration with PayPal, 87% of retailers believe that accepting cryptocurrencies is a competitive advantage.

Furthermore, 85% think the retail industry will accept cryptocurrency payments within the next five years. In contrast, 83% think that within the next ten years, cryptocurrency payments will become legal.

This idea stems from the interest that most customers seem to have in this form of payment, according to 64% of respondents. As many as 83% of respondents believe that customers’ interest in digital assets will increase within the next twelve months.

The report states:

“Although digital currency payments may not yet be an everyday occurrence for the average customer, overall interest in digitally native solutions is significant, especially among younger generations. It’s a sign to retailers that those that fail to embrace the customers’ demand of this trend run the risk of being left behind and losing out on profits”.

Retailers are motivated by the prospect that cryptocurrencies allow immediate access to funds (40% of respondents). They can also reap the benefits of blockchain-based innovations such as DeFi (39%) and can be facilitated in the internal management of the revenue-treasury-finance cycle (39%).

54% of responding retailers that invoice more than $500 million said they have invested more than $1 million to enable digital currency payments. While 6% of those billing under 10 million said they had invested the same amount.

The study’s conclusions 

Zachary Aron, partner Deloitte Consulting LLP and head of the research, said:

“This survey shows that merchants view acceptance of digital currencies – driven by consumer acceptance and demand – as key to driving business, and those that are slow to adopt run the risk of falling significantly behind”.

The manager went on to say:

“Customer demand for more innovative and flexible options is now a given, and merchants are finding the means to deliver digital payments in more effective ways, creating value for each player in the transactional flow”.

It is also for these reasons that investment spending on cryptocurrency adoption is expected to increase in the coming year. Indeed, 60% of respondents say they expect a budget of more than $500,000 to enable digital currency payments in the next 12 months.

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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