In a joint study with PayPal, a Deloitte poll shows that confidence in Cryptocurrencies is on the rise. The study was conducted between December 3 and December 16, 2021, and has just been published. The study is titled ‘Merchant Adoption of Digital Currency Payments Survey,’ and the objective was to establish the growth trends in Crypto adoption.
The result indicates that in 5 years, the prominence of digital assets will be more explicit, and Crypto will be a prominent mode of payment.
Crypto is The Payment Mode of the Future
Research shows that 220 million people worldwide use Cryptos. Hence, Cryptos and Stablecoins are increasingly becoming a priority area. Of the 2,000 business representatives surveyed, 47% and 39% alluded that Crypto and Stablecoins are a very high priority area.
Hence, business enterprises, especially in e-commerce, are dedicating resources to rolling out Crypto payment support. For businesses with a turnover of more than $500 million, 54% are investing at least $1 million in building the infrastructure for Crypto support. On the other hand, interest in Crypto dips when the turnover is less than $10 million, with only 6% of businesses suggesting that they are mulling adopting Crypto solutions.
Crypto Adoption Creates a Positive Market Image
The interest in Cryptos in the corporate scene is largely driven by the desire for business enterprises to gain a competitive edge. A whopping 87% of the respondents opined that businesses that accept and use Cryptos are considered competitive. 46% of business leaders also believe that Cryptos could be an option for expanding the customer base, with 48% believing that it improves customer experience.
Although the corporate motivation for crypto adoption may be to overhaul the customer experience, 83% of respondents believe Crypto will be a legal tender in a decade. The sentiment, therefore, incentivizes more businesses to adopt Cryptos in readiness for the future.
It is Now Verified that Crypto-Solutions Lead to Business Growth
Integration of Crypto support solutions contributes to business growth according to the research data. 93% of respondents who accept and pay in Cryptos have reported a positive trajectory in their business metrics. For instance, brand perception and customer base improved tremendously following Crypto adoption.
21% of businesses accept Cryptos and 61% plan to adopt Cryptos in the next two years. PayPal is one of the businesses that support BTC, BCH, LTC, and ETH payments in the USA. BlackHawk and LibertyX partnered to unveil Crypto ATMs in stores such as Harveys, Fresco y Más, and Tops.
Moving forward, businesses will need to integrate Crypto into their financial function to stay relevant as digital assets revolutionize banking and finance.