Almost 25% of small businesses in nine countries around the world would like to implement payments in cryptocurrencies in 2022. Among consumers, the need for such a service is two times lower.
Visa surveyed 2,250 small business owners in nine countries, including the US, UAE, Brazil, Singapore, Hong Kong, Germany, Ireland, Russia and Canada. According to the survey results, entrepreneurs are ready to accept cryptocurrencies as a means of payment. At the same time, small businesses outside of North America are more open to accepting cryptocurrencies as a form of payment. Thus, in the UAE, Hong Kong, Singapore and Brazil, more than 30% of entrepreneurs plan to introduce crypto payments in the coming months. In the US, the share of such entrepreneurs is only 19%, and in Canada their share is as low as 8%.
73% of businesses surveyed around the world reported that the adoption of new forms of payment is “fundamental” to the growth of their business. For many small businesses that are transitioning to new forms of digital payments, the adoption of cryptocurrencies could be a natural progression, according to Jeni Mundy, Visa’s global head of merchant sales and acquiring.
“I think more people are feeling more confident with crypto,” said Mundy.
Despite growing popularity among retail and professional investors, cryptocurrencies are not widely used to pay for goods and services, partly due to their frequent fluctuations in value.
According to a consumer survey of 1,500 people across 9 countries, only 13% expect retail stores to start offering crypto payments this year.