According to a survey by Visa, nearly a quarter of small businesses in nine countries said they plan to accept digital currencies as a form of payment in 2022.
On the other hand, nearly three-quarters of businesses surveyed by Visa described accepting new forms of payment as “fundamental” to growth. Meanwhile, 13% of consumers in those countries said they expect more retail outlets to accept crypto this year.
Visa surveyed 2,250 small business owners in nine countries, including the United States, Brazil, Singapore, Canada, Germany, Ireland and Russia. The survey included 1,000 adults in the United States, in addition to 500 adults from each of the nine countries. “I think more people are feeling more confident with crypto,” said Jenny Mundi, Visa’s global head of merchant sales.
Visa finds crypto payments most popular in smaller economies
According to the survey results, it seems that small businesses outside North America are eager to accept digital currencies as a form of payment. In the United States, 19% of small businesses expect to offer crypto as a payment option this year, while in Canada that number drops to just 8%.
However, Visa found that the figure rose to over 30% in the United Arab Emirates, Hong Kong, Singapore and Brazil. Despite varying degrees of regulation, digital currencies have already proven popular in all those jurisdictions over the past year.
Mundi said the adoption of crypto could be a natural development for many smaller companies that are transitioning to new forms of digital payments. The same can be said for developing economies, which would explain their peripheral popularity. These businesses are asking themselves, “What other methods of payment can we take? And what other forms should we consider?” Mundi said.
Last month, Visa began offering crypto advisory services as part of its consulting and analysis.