A study from 2021 revealed that there is currently an increased demand for adding cryptocurrency as a payment option among crypto holders and even non-holders. However, the same study also shows that about 50% of the participants reported a shortage of businesses that accept crypto. Fortunately for them, this may change much sooner than expected.
Approximately one out of four small and mid-size businesses (SMBs) that participated in Visa’s survey said that they intend to start accepting crypto payments like BTC in the future. According to the same study, 73% of the survey respondents said that incorporating new payment options is an essential element that can significantly impact how a business grows in 2022.
About 2,250 small business owners joined the study, all of which were spread out across nine countries, including the UAE, Hong Kong, the United States, and Canada. Among the respondents, approximately 82% mentioned that they intend to introduce a new option for digital payments this new year.
The survey also contained a consumer section, in which 1,500 adults across nine different markets joined. Over half of the respondents said they plan to go entirely cashless by more or less ten years. 41% of the respondents also mentioned that customers tended to leave stores that didn’t offer cashless payment options.
Small businesses aren’t the only ones experiencing demand for crypto payments, either. Airbnb CEO Brian Chesky recently posted a Twitter poll, revealing that users want a crypto payment option when booking rooms using the popular platform.
Although most businesses are still trying to figure out how to work crypto payments into their system, a Florida-based restaurant has already dived in. The crypto-themed restaurant called Crypto Street currently accepts all kinds of digital assets as payments, even including meme coins and, for lack of a better word, “shitcoins.”