About 75% of retailers in the United States are reportedly planning to accept cryptocurrency or stablecoin payments within two years, with more than half of large retailers with revenues over $500 million currently spending over $1 million on infrastructure to support the move.
According to Deloitte’s “Merchants Getting Ready For Crypto” report, which was released in a collaboration with PayPal, 85% of surveyed merchants said crypto payments will be ubiquitous in their industries in five years.
The survey polled 2,000 senior executives at U.S. retail organizations late last year, when cryptocurrency prices were far higher. Respondents were distributed equally among various industries including cosmetics, digital goods, electronics, fashion, food and beverage, personal and household goods, and services.
Small to medium enterprises are also moving to adopt cryptocurrencies, with 73% of retailers with revenues between $10 million and $100 million investing up to $1 million in infrastructure to accept cryptoassets.
Consumer interest was found to be behind merchants’ adoption, with 64% of merchants signaling their customers expressed interest in paying with cryptos.