Visa has reported that businesses willing to accept crypto payments are on the rise. 2021 was no doubt the year of adoption as even meme coins got some love from businesses who began accepting cryptocurrencies to draw in their large communities. Going into the new year, this trend is expected to continue with even more businesses jumping on the bandwagon to add crypto payments to their accepted methods of payments.
Big companies have been joining the campaign with some like Tesla implementing bitcoin payments at some point, but the small businesses really took the cake. It seems like they will continue to do so according to a new survey carried out by payments giant, Visa.
Small Businesses Taking To Crypto Payments
In the survey that was published by Visa, small businesses continue to lead the charge for crypto payments integration. The survey which gauged the outlook of various businesses across nine countries showed that these small businesses remained the most bullish on crypto payments, saying that they planned to begin accepting crypto payments in the new year.
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Visa’s survey revealed that 25% of small businesses across the nine countries were planning to accept digital currencies as a payment method this year. This included 2,250 small business owners spanning countries including the United States, Canada, Brazil, Singapore, Hong Kong, and others, presenting a healthy mix of developed and developing countries, a quarter of which all agreed they would begin receiving crypto payments.
This average goes up when some countries are eliminated as about a third of small business owners in countries such as Brazil, Hong Kong, United Arab Emirates, and Singapore said they were willing to add digital currencies as payment methods in 2022. However, only 8% of small businesses in Canada admitted that they would be willing to accept crypto payments.
Consumers Are Not Left Out
Visa also expanded its poll to include consumers. This respondent pool consisted of 1,000 adults from the United States alone and 500 respondents from each of the other eight participating countries.
Overall, when asked if they believed that retail stores would begin accepting crypto payments in their respective countries, the results from this portion of the survey, while positive, were to a lesser tune than that of the small businesses. Only 13% of the polled respondents believed that this would be the case.
However, the response from consumers who expect to use crypto payments more in 2022 was much higher. Visa reported that 46% of the respondents said that they were expecting to use digital payments more in 2022.
82% of SMBs said that they planned to accept digital payments in 2022. This signals more confidence in digital forms of payment from business owners, who have a very positive outlook for their businesses going forward.
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Featured image from SmartBrief, chart from TradingView.com