According to a recent survey conducted by payment processor giant Visa, nearly a quarter of participants in nine countries said they intend to adopt digital currencies as a form of payment at some point this year. Furthermore, 13% of consumers in these countries estimate that retail stores will start allowing cryptocurrency settlement in the next 12 months.
‘People are feeling more confident with crypto’
As reported by Reuters, Visa surveyed 2,250 small business owners from nine countries around the world, including the United States, Canada, Brazil and Singapore. According to the results, every fourth participant is planning to adopt bitcoin or some alternative coins as a payment method before the end of the current year.
However, the percentage rate in different countries is worth looking at. Visa estimates that more than 30% of small business merchants based in the United Arab Emirates, Hong Kong, Singapore and Brazil intend to enable cryptocurrency options for customers in the coming months. In contrast, 19% in the United States and just 8% in Canada plan to do so.
The payment processing organization also interviewed 1,000 American adults who are not in charge of companies, as well as 500 more people from another country. About 13% of those 1,500 individuals estimate that retail stores will start offering digital asset payments in 2022.
Jenny Mundi – Visa’s global head of merchant sales and acquisitions – said many owners of businesses around the world see new forms of payment as “fundamental” to the growth of their companies. He added that accepting cryptocurrencies also comes as a “natural development” for many smaller companies.
“I think more people are feeling more confident with crypto,” Mundi concluded.
Adoption blossomed in 2021
It is safe to say that cryptocurrency adoption has flourished over the past 12 months as many giant companies allow customers to pay with digital assets, should they be willing to do so. Such examples include the largest supermarket chains in Croatia and Mexico – Konjam and Electra.
At one point last year, even major electric vehicle maker Tesla began accepting bitcoin payments for its cars. However, the company shelved the initiative a few months later due to environmental concerns.
Perhaps the most striking example of such adoption in 2021 was El Salvador’s decision to officially recognize bitcoin as legal tender within its borders.
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