75% of Retailers Eyeing Crypto Payments Within 24 Months

According to a recent report from Deloitte, 75% of retailers are aiming to implement cryptocurrency payment systems in the next 24 months. The main challenges include integrating cryptocurrencies with legacy systems and continued education and awareness. But overall, there are plenty of positive signs in this space. This article will explore these challenges and explain how continued education will help cryptocurrencies gain wider acceptance.

75% of retailers eyeing crypto payments within 24 months

A new study by Deloitte finds that 64% of merchants are signaling that they would like to accept cryptocurrencies, with 83% predicting that spending will reach over $50000 in the next year. While a lack of budget is the biggest barrier to merchants implementing cryptocurrency, others cite issues with the payment system, regulatory changes, and security. Retailers also face challenges related to security and the ability to monitor the market for unauthorized transactions.

Three-quarters of US merchants plan to accept cryptocurrencies or stablecoins by 2022, and nearly half of large merchants with more than $500 million in sales are investing at least $1 million in infrastructure. The biggest challenge to implementing cryptocurrency and stablecoin payment systems is the complexity of integrating multiple cryptos. Deloitte expects further education on this topic will create greater clarity among regulators.

Challenges to adoption

The adoption of crypto as a payment method is limited by a few key challenges. The biggest challenge is a lack of widespread adoption, which has been hindered by the recent growth of fiat-based digital payments. Despite this, there are some encouraging signs in the online gaming and gambling industries, which have already adopted cryptocurrency as a payment method. This research also reveals that 57% of consumers who never owned crypto last year now consider using it in the future.

First, many enterprises do not have experience accepting cryptocurrencies. They are unsure how to safely store and exchange these digital assets. To be able to accept these payments, they have to hire external consultants who can teach their staff how to handle and store digital assets. Eventually, these challenges will be eliminated as more crypto-based financial instruments enter the market, increasing the depth and liquidity of the market. However, until then, these hurdles will keep some businesses from adopting crypto payments.

Challenges to integrating cryptocurrencies with legacy systems

There are many challenges associated with integrating cryptocurrencies with legacy systems. In particular, organizations must restructure their existing systems and create an interface that integrates the two technologies. The lack of skilled developers often prevents organizations from engaging in the integration process, and relying on external parties to help is time-consuming and expensive. Moreover, most companies are reluctant to make the switch to blockchain because of the high risk of data loss.

Continued education needed to allow wider adoption

Blockchain technology and cryptocurrencies are still in the early stages of adoption, but Deloitte has taken the crypto space very seriously, having jumped on board relatively early. It has a dedicated team of software developers that will continue to develop and support blockchain products. Despite this early start, Deloitte still expects continued education and regulatory clarity to help crypto adoption become more widespread.

Consumers are increasingly accepting digital currencies, with nearly half of U.S. retailers planning to accept them in the next five years. The survey, conducted by Deloitte in conjunction with PayPal, found that most merchants see cryptocurrency adoption as a significant opportunity. While it may not be as easy as accepting Bitcoin and Ethereum, merchants understand that accepting digital currencies gives them a competitive advantage over their competitors. Eighty-five percent of merchants say that adoption will make their brand more attractive to customers.

Also Read:How to Avoid Being a Victim of a Crypto Scam