Payment processing company Visa, said many small and micro businesses (SMBs) are willing to adopt cryptocurrency as means of payment in 2022. Visa made this finding after conducting a research study titled “Visa Global Back to Business Study – 2022 Outlook.”
According to the study, 82% of SMBs surveyed said they will accept digital options in 2022 and nearly half (46%) of consumers surveyed expect to use digital payments more often in 2022, with just 4% saying they will use them less.
The study surveyed small business owners and consumers in nine markets – Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, United Arab Emirates and United States, with a higher percentage of the businesses indicating interest in accepting one form of digital payment.
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“An overwhelming 82% of SMBs surveyed said they plan to accept some form of digital option in 2022 and 73% see accepting new forms of payments as fundamental to their business growth. Of those surveyed, 24% said they plan to accept digital currencies such as the cryptocurrency Bitcoin,” the study said.
Visa has been exploring ways to expand its payments system by including cryptocurrency, which offers cheaper and faster payments. With so many SMBs on its platform, the payments giant needs their opinion on its quest to onboard the burgeoning new financial system.
The Visa Back to Business Study, which was conducted by Wakefield Research in December 2021, surveyed 2,250 small business owners with 100 employees or fewer in the above mentioned countries.
This has become imperative in the wake of the pandemic-induced shift to digital life, which businesses are adopting, mainly to stay afloat. Of small businesses surveyed with an online presence, 90% agreed their survival through the pandemic was due to increased efforts to sell via e-commerce, and reported that, on average, over half of their revenue (52%) came from online channels in the last three months, the report said.
“Payments are no longer about simply completing a sale. It’s about creating a simple and secure experience that reflects one’s brand across channels and provides utility to both the business and its customer,” said Jeni Mundy, Global Head Merchant Sales & Acquiring, Visa. “The digital capabilities that small businesses built up during the pandemic – from contactless to e-commerce – helped them pivot and survive and, by continuing to build on this foundation, can now help them find new growth and thrive.”
While the study focuses on digital outlook for businesses, it paints a positive future for the cryptocurrency market. The large number of SMBs willing to adopt cryptocurrencies means its mainstream acceptance will see an increase in 2022.
On Friday, Tesla CEO Elon Musk tweeted: “Tesla merch buyable with Dogecoin,” shooting the meme coin’s price 10% up.
With the crypto market going bearish currently, investors have been enveloped with worry over what 2022 holds for the industry.