Small Businesses Plan To Start Accepting Crypto Payments In 2022

Small businesses plan to start accepting crypto payments in 2022 according to a Visa poll that estimated roughly every fourth business owner from 9 countries has their mind on crypto set for their 2022 agenda so let’s read more in today’s cryptocurrency latest news.

According to a survey conducted by Visa, a quarter of the participants in nine nations say they want to embrace digital currencies as a form of payment sometime this year. 13% of the consumers in these countries predicted retail stores will start accepting crypto payments during 2022. Visa surveyed 2250 small businesses in nine countries including the USA, Brazil, Canada, and Singapore. The results show that every fourth participant plans to embrace BTC or other alternative coins as a payment method before the end of the year.

It’s worth noting that the percentage rate varies from country to country but Visa estimated that over 30% of the small business merchants based in UAE, Singapore, Hong Kong, and Brazil also intend to enable crypto options to clients in the upcoming months. 19% of those are in the USA and 8% in Canada that plan to do the same. The payment processing organization interviewed 1000 American adults that are not in charge of companies along with 500 more people from each other country. About 13% of those 1500 individuals anticipate retail stores to start offering digital asset payments in 2022.

Visa’s Global Head of merchant sales and acquiring Jeni Mundy said that many owners of businesses across the world see the embracement of new forms of payments as key to their companies’ growth. She added that accepting crypto comes with a natural evolution for many of the smaller companies. It is also safe to say that crypto adoption surged in the past year as plenty of companies started allowing customers to pay with crypto if they are willing to do so. Such examples include Mexico’s biggest supermarket chains as well as Croatia’s Konzum market who will do the same.

At one point last year, the major car manufacturer Tesla started accepting BTC payments for its cars but then halted the initaitive a few months later due to environmental concerns. The most important example of such adoption was back in 2021 when El Salvador decided to recognize BTC as a legal tender inside the borders.