According to Visa, many businesses eager to accept cryptocurrency payments are growing. 2021 was undoubtedly the year of adoption, with meme coins receiving some love from businesses that began accepting cryptocurrencies to attract their vast communities. This trend is projected to continue into the new year, with even more businesses jumping on board to add crypto payments to their approved payment methods.
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 survey conducted by payments giant Visa, it appears that they will continue to do so.
Small Businesses Accepting Crypto Payments
According to a Visa survey, small businesses continue to lead the rush for crypto payment integration. According to the survey, which assessed the perspective of various firms in nine countries, small businesses remained the most bullish on crypto payments, with plans to begin accepting crypto payments in the new year.
According to Visa’s survey, 25% of small companies in nine countries expect to accept digital currencies as a payment method 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 established and developing countries, with a quarter agreeing to accept crypto payments.
When some countries are excluded, the average rises because almost one-third of small business owners in countries such as Brazil, Hong Kong, the United Arab Emirates, and Singapore stated they were willing to accept digital currencies as payment methods in 2022. However, only 8% of Canadian small businesses said they would be happy to accept cryptocurrency payments.
Consumers are not forgotten
Visa’s poll was also widened to include customers. This pool of respondents included 1,000 individuals from the United States alone and 500 from each of the other eight participating countries.
Overall, when asked if they thought retail outlets would start taking cryptocurrency payments in their individual nations, the findings from this study component, while favorable, were less so than those from small enterprises. Only 13% of those polled expected this would be the case.
However, the answer from consumers who intend to use cryptocurrency payments more frequently in 2022 was significantly higher. According to Visa, 46 percent of respondents anticipate utilizing digital payments more frequently in 2022.
In 2022, 82 percent of SMBs stated they planned to accept digital payments. This demonstrates increased trust in digital forms of payment among business owners, who have a highly positive outlook for their companies in the future.
