Visa Survey Finds Crypto Payments could be Accepted by 25% Small Businesses across Nine Countries

Visa survey finds crypto payments could be accepted by 25% small businesses across nine countries

According to a recent survey conducted by Visa Inc, about 25% of small companies in nine countries around the world intend to accept cryptocurrency as a form of payment for goods and services in 2022. According to the survey, around 13% of consumers in those nations expect small retail outlets to begin accepting cryptocurrency payments this year and beyond.

The survey polled 2,250 small company owners from nine countries, including the United States, Brazil, Singapore, and Canada, and found that the likelihood of cryptocurrencies being mainstream and widely accepted as a payment method is not far off.

A total of 1,000 respondents in the United States, as well as 500 adults from each of the nine nations, were polled as part of the Visa study.

“I think more people are feeling more confident with crypto,” said Jeni Mundy, Visa’s global head of merchant sales and acquiring, in an interview.

Also Read: 1 In 4 Banking Customers In 28 Countries Use Digital Banking, Could Increase To 70%

Regardless of the fact that cryptocurrencies are rising in popularity among both retail and commercial investors, they have yet to be widely employed as a method of payment for goods and services due to their fluctuating volatility.

One of the main reasons that digital currency is commonly not accepted as a means of payment in the real world is its high volatility. On Monday, for example, the value of bitcoin fell by more than 5%, falling below $40,000 for the first time since September of last year.

Small businesses outside of North America, on the other hand, were more inclined to accept cryptocurrencies like bitcoin as a form of payment, according to the Visa poll.

According to the Visa analysis, more than 30% of small business retailers in the United Arab Emirates, Hong Kong, Singapore, and Brazil anticipate offering customers the choice of paying for their goods and services in cryptocurrencies in the coming months. Despite the fact that the rules in each of those nations are different, digital currencies have taken off.

Also Read: Covid caused a persistent shift to digital payments, according to VISA’s CEO

In 2022, however, only 8% of small businesses in Canada and 19% of small businesses in the United States plan to accept bitcoin as a payment option.

Nearly three-quarters of firms polled around the world said accepting new forms of payment is “critical” to their growth. According to Mundy, crypto adoption may be a logical step for many small firms moving into new sorts of digital payments.

They are asking “what other forms of payment can we take? And what other forms should we be considering?” she said.

Germany, Ireland, and Russia are among the other countries that were included in the Visa survey. 

Also Read: Canadian Firm Nuvei Partners With Visa To Roll Out Crypto-To-Fiat Debit Cards In Europe

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