The typical grocery shopper may still find it pretty strange to think about paying for their weekly groceries using cryptocurrency. However, it is evident how great the desire for alternative payment choices is from the Deloitte opinion poll.
“It’s a sign for retailers that those who don’t meet customer demand for this trend risk being left behind and losing profits,” author Claudina Castro Tanco issues a warning.
The shops claim that about two-thirds of customers said they would be extremely interested in paying with bitcoins. Only 2% of clients are reported to have expressed little or no interest in the subject of crypto payments.
Cryptocurrency Payments: Goals, Strategies, and Obstacles
Retailers’ attention should be sparked by more than just client desire for alternative payment methods. Additionally, the technology itself has benefits for them. The survey finds that quick access to capital is particularly crucial. Additionally, 39 per cent of each believes in the technologies behind income management and the blockchain.
According to the document, merchants initially wanted to accept payments in digital currencies as a marketing strategy. However, this is no longer the case: “Retailers are becoming increasingly optimistic about digital currencies as a means of payment and are quickly recognising this as a business imperative.” As a result, whether for the long run or the short term, nearly three-quarters of those polled are preparing with a crypto integration.
Within the next 24 to 48 months, about 12% of those polled intend to integrate cryptocurrencies internally. In the upcoming 12 to 24 months, 22 per cent of respondents said they have already begun preparing for such an integration. 39 per cent of respondents said they intend to include cryptocurrency within the upcoming 12 months. Only 1% of respondents to the survey said they had no plans to do so.
Problems arise from the difficulties of incorporating cryptography into the current frameworks. 89 per cent of those polled said they anticipated challenges. Regardless of the magnitude of their turnover, all businesses, according to the report, face these difficulties.
Security, murky regulations, and the volatility of the cryptocurrency market are further obstacles. You can learn more about how Bitcoin has been accepted as a valid form of payment in El Salvador, for instance, by visiting this page.
Between December 3 and December 16, 2021, Deloitte performed the study as a research tool to gain a deeper understanding of the attitudes and investments in the deployment of digital currency payment systems. 2,000 retail executives in the US were polled for the study.