Global Merchants heading towards enchanting Crypto- A Deloitte Survey

Crypto Global Merchants Deloitte

According to the latest survey conducted by Deloitte, 220 million people are using cryptocurrencies now. Customers are engaging with cryptocurrencies on almost daily routine needs and expenditures. From booking movie tickets, traveling, buying groceries, and paying bills and rent, people are increasingly using digital currency on a positive side. A survey was conducted by Deloitte, where many globally operating merchants are using cryptocurrencies and want to shift completely towards the growing crypto technology.

The increased utility and easy accessibility of blockchain-based cryptocurrency and digital assets have fueled the expansion of some of the major economies. Moreover, the survey has found that retail businesses have become more cautious and sensitive toward the needs and high expectations of their customers. And therefore, they understand how digital currencies in their payment systems can be beneficial for their businesses.

87% of the retail businesses in the U.S. consider digital currencies as a boost for their economical growth in the market as compared to other rivals. Such organizations have also invested in cryptocurrencies and plan to increase their share based on their extended capabilities.

Merchant sentiments around digital currency, Source: Deloitte

Also read: How to buy land in metaverse: A step by step guide

Prioritizing Cryptocurrencies and Stablecoins

If we look into a broader perspective, more than 85% of the organizations consider that enabling cryptocurrencies must be a high priority or a very high priority. And therefore, the same perspective hold for stablecoins also. Moreover, around 64% of the surveyed merchants specified that customers are showing greater interest in paying in digital currencies. This number will go to increase in over the next 12 months.

Digital Currency Prioritization, Source: Deloitte

How merchants can be motivated to enable digital currency in their payment systems?

The growing blockchain technology and its penetration into every sector have motivated organizations to introduce cryptocurrency in their payment systems. While consumers find digital currency uncomplicated to pay for their errands, fiat currencies on the other hand have become quite picky.

For better customer success, incentivization in the form of digital currencies can be a good idea for organizations. This will eventually help to lower the barriers and inculcate crypto adoption in the mass population.

Also, 53% of the merchants think that the lack of exchange fees on transactions is the driving force for the mass adoption of digital currencies. They also agree for promoting incentive programs from payment processors to accelerate the idea.

Organization-focused motivations payments, Source: Deloitte

Also read: Upcoming U.S. Bill on Crypto Leaked, DAOs & DeFi under primary focus

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