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Crypto exchanges have reported a significant decline in trading volumes as the current crypto market downturn dragged the prices of Bitcoin (BTC), Ethereum (ETH), and other digital currencies to just a fraction of their previous all-time highs set last year. However, the downturn did not diminish appetite from retailers as a quarter of stores plan to accept crypto payments in two years.
In a June poll conducted by Deloitte titled “Merchants getting ready for crypto,” around 75 percent of retailers intend to accept cryptocurrency or stablecoin payments within the next two years, CNBC reported. The survey involved 2,000 top retail executives, including those from the cosmetics, electronics, fashion, transportation, food, and beverage industries.
While using Bitcoin (BTC), Ether (ETH), and other crypto is fairly new, 83 percent of retailers anticipate that consumer interest in digital currencies will rise over the next year. To prepare for this projected rise in the usage of crypto for payments, more than half of the survey participants have already invested over $1 million to enable their outlets to accept digital currency payments.
While merchants intend to accept crypto as payment, it doesn't mean that they also plan to keep the Bitcoin, Ether, and other digital currency they receive from customers. More half plan to use third-party payment processors to convert digital currency into fiat such as the U.S. dollar, the British pound, and the euro.
Using third-party payment processors to automatically convert crypto payments to fiat is one way of managing risks associated with the volatility of crypto prices. In addition, the payment setup also makes it faster and easier for merchants to accept digital currencies, according to Deloitte.
Retailers recognize that there are barriers to enabling crypto payments. Ninety percent are concerned about the complexity involved in making their existing payment infrastructures compatible with cryptos, while others said that the uncertainty in regulations is a concern, and the instability of the crypto market could be an issue.
However, most of the survey retailers are optimistic about the future of crypto payments. Nearly half of the respondents believe that accepting digital currencies could help improve customer experience and increase customer base.
“We anticipate that further partnerships with regulated and established institutions in the industry will help deliver the benefits of digital currencies (e.g., convenience and support) and will continue to build the necessary foundation of trust,” Deloitte wrote.
