Nearly 25% of Small Businesses in 9 Countries Intend to Roll Out Crypto Payment Option: Visa

Payment giant Visa conducted a study indicating that almost a quarter of small businesses spread across nine nations intend to introduce the crypto payment option this year as cryptocurrencies continue gaining steam across the globe.

The research surveyed 2,250 small business owners and 5000 adults from the nine countries, such as Canada, Singapore, Brazil, and the United States.

Per the report:

“13% of consumers in those countries expect retail stores to begin offering crypto payments this year and beyond.”

These findings suggest that cryptocurrencies are becoming an uprising payment method.

Jeni Mundy, the global head of merchant sales and acquiring at Visa, echoed these sentiments and stated:

“I think more people are feeling more confident with crypto.” 

Crypto payments have been lagging behind partly because of frequent fluctuations in value, but this narrative is changing. 

Mundy added that nearly three-quarters of businesses interviewed worldwide alluded to the fact that diversifying payment options was fundamental for business growth. Therefore, incorporating crypto payment seems to be a natural evolution for smaller companies.

The Visa study also pointed out that at least 30% of small businesses in Brazil, Singapore, Hong Kong, and the United Arab Emirates intended to roll out the crypto payment option in the coming months. 

This correlates with Paysafe’s research that noted 60% of the respondents believed crypto purchases would become widespread in a year. Moreover, 55% of the crypto community was willing to be paid in crypto if an opportunity emerged.

On the other hand, crypto payment emerged as the top suggestion by Airbnb customers based on the flexibility rendered. These findings were relayed by the company’s CEO Brian Chesky after he asked his Twitter followers how the accommodation booking platform could improve in 2022. 

Image source: Shutterstock

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