In a report released yesterday, Deloitte stated over three-quarters of retail merchants will accept payments in cryptocurrencies and stablecoins in the next two years.
What Happened: On June 8, 2022, Deloitte, in partnership with Paypal Holdings Inc PYPL, released the report “Merchants Getting Ready For Crypto.” In this report, they interviewed 2,000 executives from major U.S. retail firms across an array of industries. Deloitte’s report deemed consumer demand to be the impetus for crypto adoption.
It stated that 83% of companies predict interest in cryptocurrency payments to increase over the span of this year. The report further revealed that 93% of merchants already accepting cryptocurrency payments do it to boost consumer satisfaction.
Why It's Important: As cryptocurrency regulation is just around the corner, the integration of cryptocurrency payments into retail markets is inevitable.
Major retailers are also looking to blockchain and digital currency companies to facilitate this shift. This transition will be hugely advantageous to both retail merchants as well as the cryptocurrency space.
Merchants will benefit from the instant nature of cryptocurrency payments, as opposed to the current system of credit cards and banking.
Furthermore, this integration will majorly benefit the crypto sector by opening doors to a larger capital inflow. However, with current market volatility and fluctuating legislative sentiment, the incorporation of crypto payments into the retail sector may see its fair share of obstacles.
Photo: NicoElNino via Shutterstock
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.