Over 90% Of US Firms That Accept Cryptocurrency Report An Increase In Revenues.

The ecosystem surrounding cryptocurrencies is maturing, and the growth of firms is being pushed by the increased utility and accessibility of these assets as a payment mechanism among merchants as an alternative to traditional money.

According to a report titled ‘Merchants getting ready for crypto’ published by Deloitte on June 8, 87% of firms in the United States think that companies that accept digital currencies have a considerable advantage over their competitors in the market.

While 93% of firms who now accept cryptocurrency as a payment method report positive consumer KPIs such as customer base growth, revenue improvements, and brand impression.

Small and medium-sized businesses (SMBs) may be anticipated to be less hopeful about the acceptance of digital currency payments, but according to the survey, the majority of SMBs asked expect digital currency payments to benefit their company.

Indeed, nearly three-quarters of those polled stated that they want to begin accepting cryptocurrency or stablecoin payments within the next twenty-four months.

It’s also worth noting that 64% of firms owners polled between December 3 and December 16, 2021, said that their clientele were very interested in making payments with digital currency.

Several factors have led to retail establishments’ enthusiasm to embrace digital currency payments. They know that the market is changing rapidly and aim to respond to their clients’ needs.

Finally, the study finds that retailers are aware of their consumers’ requirements and expectations, and they see economic and enterprise benefits from accepting digital currency payments.

These companies have previously invested money to provide this capacity and intend to continue doing so in the future.

Nonetheless, there are many issues to be addressed regarding crypto payments, such as infrastructure decisions, the construction of a legal framework, and the development of a security framework. These criteria will inevitably determine the rate at which adoption continues to grow.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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