Three-quarters of US retailers will adopt digital currencies within the next two years

According to a new poll, three-quarters of American retailers will support payments in digital currencies or stable coins for another two years. Reasons given by these companies for accepting digital currencies include improving the customer experience, increasing their number, and showing that their brand is a leader.

To Report Kevin Telegraph ‌ The survey found that more than half of large retailers with revenues of more than $ 500 million spend at least $ 1 million to develop the infrastructure needed to take advantage of digital currency payments.

The poll was conducted among 2,000 senior executives of US retail companies between December 3 and 6 last year. At that time, digital currencies had a high price. According to the information obtained, the managers have been equally selected from different cosmetics industries, digital goods, electronics, fashion, food and beverage, home and garden, hospitality and leisure, personal and household goods, services and transportation.

Nearly 85% of traders surveyed in this study admit that digital currencies will play a key role in their industry for the next 5 years.

Seventy-three percent of small and medium-sized retailers with revenue of $ 10 million to $ 100 million spend between $ 100,000 and $ 1 million to provide the infrastructure needed to support digital currency payments.

These investments will continue and are expected to increase this year. More than 60 percent of retailers say they estimate they will spend more than $ 500,000 over the next year providing digital currency support infrastructure.

Customers are also eager to pay with digital currencies

What makes retailers incur these costs is the enthusiasm of consumers. 64% of these retailers say that their customers are very interested in using digital currencies as a method of payment. About 83% of them expect this enthusiasm to increase significantly this year.

Nearly half of them expect the use of digital currencies to improve their customer experience, as well as believe that this will increase their customer base. 40% of them hope that their brand will look like a pioneer.

Retailers’ optimism about the future of digital currencies

According to 93% of retailers who previously supported this payment in digital currencies, this measure has a positive impact on the criteria related to their customers.

Despite all this, traders also face obstacles and challenges in this regard. According to the survey, 43% of respondents cited security of payment systems, 37% of changes in laws, 36% of fluctuations and 30% of budget shortfalls as challenges to support digital currency payments. Of course, the biggest challenge is the complexity of integrating digital currencies with older systems and the complexity of integrating multiple digital currencies, which with 45% of the vote is the biggest obstacle.

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At the end of the report, it is hoped that continuing education will make the path for legislators clearer and enable the wider acceptance of digital currencies for the exchange of products and services.