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Payments company giant Visa Inc just surveyed 2,250 small businesses from 9 countries to see if merchants plan to adopt cryptocurrencies to receive payments. The results show that more than 25% of people want to start doing so this year.
Reuters reported that Visa expects many retail businesses to join the crypto boom starting this year. The payments company has long been involved in the cryptocurrency industry and is interested in seeing its mainstream acceptance as an opportunity to grow its own range of products and services.
Visa currently offers cryptocurrency-linked cards for consumers to make purchases using digital currencies. However, this service does not mean that stores directly accept digital assets as a payment method. Users hold direct conversion into fiat currency "instantly, behind the scenes" as they pay.
Despite the fact that Visa consumers reportedly adopted more than $3.5 billion in crypto-related digital transactions in 2021, merchants have so far been skeptical about receiving it directly as payment.
Visa surveyed small businesses from the United States, Brazil, Singapore, Canada, Russia, the United Arab Emirates, Hong Kong, Germany and Ireland.
Small businesses in North America are reportedly the least enthusiastic about starting to embrace cryptocurrencies as a payment method. This year, 19 percent of U.S. small businesses and 8 percent of Canadian small businesses wanted to offer digital currency as a payment method.
However, more than 30% of small retailers from the United Arab Emirates, Hong Kong, Singapore and Brazil (where the crypto industry is booming) intend to allow users to pay with crypto by 2022.
In addition, about three-quarters of retailers surveyed believe that accepting cryptocurrencies as a payment option will be the "foundation" for the development of their business.
Similarly, the comments just made by Stephen Pair, CEO of crypto payments platform BitPay, help forecast the acceptance of digital currencies in 2022.
BitPay offers cryptocurrency payment processing services to retailers, and it is reported that more and more businesses are using their services to receive digital currency directly as payments.
"I think in 2022 you're going to see more people — the next wave of people — interested in cryptocurrencies from an investment perspective and 'let's try to pay' [perspective]... There will be more places with this service – you will be able to use cryptocurrencies and operate in a face-to-face environment, which may make people more comfortable than trying it on a website they are not sure if they are doing it, right or wrong. ”
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