Bringing cheer amid the bearish sentiment prevailing in the market, a new survey conducted by Deloitte in the US found that crypto adoption will continue to grow in the next two years.
About 75% of US retailers have plans to accept crypto and stablecoins as a mode of payment in the next two years. And, about 87% of the retailers in the survey feel that firms accepting cryptos as payment have a competitive advantage.
In fact, the survey also found that 93% of the retailers who accept cryptos as payment have seen a positive impact on their business in terms of customer perception, customer base growth, and improved customer experience.
According to the data from crypto.com, the global crypto adoption rate is increasing steadily and is expected to reach 1 billion users worldwide by the end of 2022 from just over 300 million users at the beginning of 2021.
Retailers gear up to enable payments in crypto
According to Deloitte, large retailers with more than $500 million in revenue have earmarked over $1 million to build the infrastructure required to enable digital currencies as a payment option. However, retailers have also acknowledged that there are challenges in integrating cryptos as a payment option into their existing financial infrastructure.
For instance, 45% of the respondents feel that integrating cryptos as a payment option into their existing financial infrastructure is a challenge, whereas, 44% of respondents feel that complexities around integrating various digital currencies pose another challenge.
The survey also confirms the trend as it is expected that global crypto transaction volume will increase by 70% by the end of this year to $10.4 billion, according to the report from Insider Intelligence. The report also suggests that 10% of Americans are expected to own crypto by the end of the year.
