According to a Deloitte survey, 85 percent of merchants said accepting cryptocurrency payments is a top priority

According to a Deloitte survey, 85 percent of merchants said accepting cryptocurrency payments is a top priority

Over 85 percent of businesses "are assigning high or very high importance to support cryptocurrency payments," according to a survey done by Deloitte in partnership with PayPal. "Within the next 24 months, approximately 75 percent of those polled said they intend to accept cryptocurrency or stablecoin payments," according to the research.

In partnership with payments giant Paypal, financial services firm Deloitte released a paper titled "Merchants gearing up for crypto" on Wednesday.

The poll was done between December 3 and December 16, 2021, and the findings are included in the report. The survey questioned 2,000 senior executives from retail companies with yearly revenues ranging from $10 million to $500 million across the United States.

"At least a general awareness of cryptocurrency and stablecoins was indicated by respondents," the survey says, adding that the majority of them are "the main decision-maker when choosing whether or not their company would accept cryptocurrencies and stablecoins as a method of payment."

"Merchants are considering the acceptance of two different types of digital currencies: cryptocurrencies and stablecoins," according to the report, which goes on to say that "more than 85 percent of organizations are giving high or very high priority to facilitating cryptocurrency payments," while "roughly 83 percent are doing the same for stablecoins."

"There is also a shared expectation of widespread adoption in the future," the report continues. In five years, "85 percent of surveyed retailers believe that digital currency payments would be commonplace among their industry's suppliers."

Furthermore, nearly three-quarters of those polled said they expect to take cryptocurrency or stablecoin payments within the next 24 months, according to the research.

Organizations that accept digital currencies have a strategic edge in the market, according to 87 percent of respondents.

According to the survey, merchants are keen to accept digital currency payments for a variety of reasons. It will enhance customer experience, 46 percent will boost consumer base, and 40 percent will give their company the impression of being cutting edge, according to 48 percent of respondents.