show up reconnaissance It was recently reported that 73% of merchants plan to integrate crypto payments within the next three years.

Additionally, the same survey showed that more than 50% of major retailers (those with $500 million in revenue and above) are now spending at least $1 million to build cryptocurrency payment infrastructure.

The study was conducted by Deloitte, an auditing and consulting firm, in partnership with PayPal.

The study is titled “Traders Prepare for Cryptocurrency”.

The study was conducted between December 3-16, 2021, and surveyed 2,000 CEOs from various US retail companies, including the fashion, cosmetics, electronics, hospitality and leisure, home and garden, and digital goods industries.

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Others worked in personal and household goods, transportation, and food and beverage, among other service businesses.

Expect a high crypto adoption soon:

According to a survey, 85% of retail traders expect cryptocurrency payments to be ubiquitous in their respective industries within the next five years.

Additionally, 73% of those who earn between $10 million to less than $100 million plan to enable crypto payments, with a budget between $100,000 and $1 million.

In terms of revenue sizes ranging from less than $10 million to more than $500 million, this group showed a greater interest in crypto payments.

This year, more than 60% of merchants plan to invest $500,000 in building cryptocurrency payment infrastructure.

Already 26% of merchants had cryptocurrency payment options.

The likes of Chipotle, Gucci and AMC Entertainment would likely fall into this category.

Entities outside the US are also preparing crypto payments with an increasing frequency.

Examples include the tourism sector in Thailand, and Spanish football club RCD Espanyol, which is the first La Liga team to adopt cryptocurrency.
According to the study, the uptake of cryptocurrency payments by merchants is primarily driven by the enthusiasm of their customers for this asset class.

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64% of them said that customers have requested payment integration with these assets, and 83% expect this interest to rise through 2022.

About half of these merchants believe that embracing cryptocurrency will take the customer experience to a higher level.

A similar number believe that adopting crypto payments will attract more customers, while 40% say it will make the brand appear sophisticated.

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