The ecosystem surrounding cryptocurrencies is growing, and businesses are expanding as a result of the increased usability and accessibility of these assets as a payment mechanism among merchants as a substitute for traditional money.
According to a Deloitte report headlined “Merchants getting ready for crypto,” 87 percent of retailers in the United States believe that businesses that accept digital currencies have a considerable advantage over their competitors in the market.
While 93 percent of firms who accept cryptocurrency as a payment method report positive consumer KPIs such as increased customer base, revenue, and brand perception,
Merchants are more enthusiastic than expected about cryptocurrency.
Although small and medium-sized businesses (SMBs) are predicted to be less hopeful about the acceptance of digital currency payments, according to the survey, the majority of SMBs asked believe that digital currency adoption will help their company.
Indeed, nearly three-quarters of those polled stated they plan to begin accepting cryptocurrency or stablecoin payments within the next twenty-four months.
It’s also worth noting that 64 percent of the business owners polled between December 3 and December 16, 2021 said their customers were very interested in adopting digital currency to make payments.
Retailers’ enthusiasm to accept payments in digital currency has been fueled by a number of factors. They know that the market is rapidly changing and aim to respond to their clients’ needs.
Furthermore, retailers expect to gain value from their use of digital money in three ways: a better customer experience (48 percent of respondents), a larger client base (46 percent of respondents), and a brand that is seen as cutting-edge (46 percent of respondents) (40 percent ).
