Visa survey: 25% of small businesses want to start accepting cryptocurrency payments.

Big corporations have joined the campaign, with some, such as Tesla, integrating bitcoin payments at some point, but it was small businesses who truly stole the show. According to a new poll conducted by payments giant Visa, it appears that they will continue to do so.

Small Businesses Accepting Crypto Payments

According to a Visa report, small companies lead the way the rush for crypto payment acceptance. According to the poll, which assessed the perspective of various firms in nine countries, small businesses stayed the most positive on crypto payments, with plans to begin taking crypto payments in the new year.

25% of small companies in nine countries expect to use digital currencies as a payment option this year. This includes 2,250 small business owners from nations such as the United States, Canada, Brazil, Singapore, Hong Kong, and others, representing a good mix of developed and developing countries, with a quarter agreeing to accept crypto payments.

When some countries are excluded, the average rises since almost one-third of small company owners in countries such as Brazil, Hong Kong, the United Arab Emirates, and Singapore stated they were prepared to accept digital currencies as payment methods in 2022. However, just 8% of Canadian small companies said they would be happy to accept cryptocurrency payments.

Consumers are not forgotten.

Visa’s survey was also widened to include customers. This pool of respondents included 1,000 individuals from the United States alone, as well as 500 from each of the other eight participating nations.

Overall, when asked if they thought retail outlets will start taking cryptocurrency payments in their individual nations, the findings from this component of the study, while favorable, were less so than those from small enterprises. Only 13% of those questioned expected this would be the case.

However, the answer from customers who intend to utilize cryptocurrency payments more frequently in 2022 was significantly higher. According to Visa, 46% anticipate to utilize digital payments more frequently in 2022.

In 2022, 82% of SMBs stated they expected to accept digital payments. This demonstrates increased trust in digital forms of payment among business owners, who have a highly positive view for their companies in the future.

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Patrick

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