From Lamborghinis to Starbucks, consumers are utilizing crypto to pay for many goods, and retailers are taking notice.
What does the survey indicate?
According to a June survey conducted by Deloitte titled ‘Merchants getting ready for cryptocurrency’, around 75% of retailers intend to accept either crypto or stablecoin payments within the next 2 years.
Who conducted the survey?
Deloitte polled a sample of two thousand senior executives from the retail industry who represent a range of subsectors like electronics, cosmetics, transportation, fashion, beverage, and food.
Shed some more light on it
As per the survey, although paying with crypto is fairly unconventional now, 83% of retailers anticipate consumer interest in digital currencies to soar over the next year and a little over half of them have invested over $1 million into allowing digital payments. For consumers, that implies you could soon purchase drinks, clothes beauty items, and more.
What do retailers are thinking?
Although retailers are anticipating accepting digital currency as payments, that doesn’t imply they’re necessarily anticipating holding on to the virtual assets.
What does it imply?
Around 50% of the respondents intend to have third-party payment processors transform digital currency into fiat, which is money that is set up as legal tender by a government, such as the U.S. dollar, the British pound, and the euro. This implies that retailers are not intending to actually own crypto that’s utilized for payment.