from Starbucks To LamborghiniConsumers use cryptocurrencies to pay for a variety of merchandise — and retailers are paying attention.
According to a June survey conducted by Deloitte, nearly 75% of retailers will accept cryptocurrency or stablecoin payments within the next two years. “A merchant preparing for cryptography.”
Deloitte surveyed a sample of 2,000 senior executives in the retail industry representing various sub-sectors such as cosmetics, electronics, fashion, transportation, food and beverages.
Digital currencies like Bitcoin are usually only as valuable as users believe, but stablecoin is a type of cryptocurrency that derives its value from its underlying assets. Stablecoins are often fixed to currencies such as the US dollar and commodities such as gold.
Cryptocurrency payments are now quite novel, but research shows that 83% of retailers expect consumer interest in digital currencies to increase next year, with just over half of them enabling digital payments. We are investing over $ 1 million to do so.
For consumers, that means you can quickly buy clothes, drinks, cosmetology products, etc. in crypto.
How retailers can pay in digital currencies
Retailers plan to accept digital currencies as payments, but that doesn’t necessarily mean they plan to hold virtual assets.
Over 50% of respondents plan to have third-party payment processors convert digital currencies into fiat currencies. This is money established as fiat currency by governments such as the US dollar, British pound and euro. This means that retailers are not planning to actually own the cryptocurrency used for payments.
Given the unpredictability of the crypto market, using this strategy is considered less risky for retailers than holding the crypto itself. This approach will make retailers paying in digital currencies faster and easier, Deloitte reports.
Barriers to enable payments in cryptocurrencies
Cryptographic retailers are aware that there are many challenges that must be overcome to enable payments in digital currencies. Nearly 90% cite the complexity of making their existing financial infrastructure compatible with a variety of digital currencies as a major challenge.
In addition, payment platform security has surpassed the list of adoption barriers, and research reveals continued concerns about changes in the regulatory environment and instability in the digital currency market.
More than half of retailers need to enact specific regulations on cryptocurrencies, such as domestic guidance on holding digital assets, clarifying the tax implications of using digital currencies, and the ability to hold digital currencies in bank accounts. I agreed to be there.
Retailers are optimistic about the future of cryptocurrency payments
Despite their concerns, retailers are optimistic about the benefits of being able to pay in cryptocurrencies. Almost half of retailers believe this move will improve the customer experience and increase the customer base.
“We anticipate that further partnerships with industry-regulated and established institutions will help provide the benefits of digital currencies (such as convenience and support) and continue to build the foundation of trust we need,” the report concludes. It is attached.
The ability to pay with crypto may be good news for some crypto users, but it’s important to remember that these assets can be very volatile. Experts are usually advised to invest as much money as they are ready to lose.
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