The payment company giant Visa Inc just surveyed 2,250 small businesses from nine countries to understand if merchants are planning to adopt crypto to receive payments. Results show that over 25% of them want to start doing so this year.
Reuters reportedย that Visa expects many retail businesses to join the crypto boom starting this year. The payment company has been long involved in the cryptocurrency industry and is interested in its mainstream acceptance as an opportunity to grow its own line of products and services.
Visa currently offers cryptocurrency-linked cards for consumers to make purchases using digital currencies. However, this service doesnโt mean stores directly accept digital assets as payments. The userโs holdings directly turn into a fiat currency โinstantly, behind the scenesโย as they pay.
Even though Visa consumers are reportedly adopting crypto with over $3.5 billion in crypto-linked digital transactions in 2021, merchants have been skeptical about directly receiving it as payment so far.
Visaโs Crypto Survey Results
Visa surveyed small businesses from the United States, Brazil, Singapore, Canada, Russia, United Arab Emirates, Hong Kong, Germany, and Ireland.
Reportedly, small businesses from North America were the least enthusiastic about starting to accept cryptocurrencies as a form of payment. 19% of small businesses from the U.S.ย and only 8% from Canada want to offer digital currencies as a form of payment this year.
However, over 30% of small retailers from the United Arab Emirates, Hong Kong, Singapore, and Brazil โwhere the crypto industry is boomingโ intend to allow users to pay using crypto in 2022.
Furthermore, around three-quarters of the surveyed retailers thought that accepting crypto as a payment option would be โfundamentalโ for their businesses to grow.
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BitPay Chips In
Similarly, CEO of crypto payments platform BitPay Stephen Pair just made comments that contribute to the 2022โs forecast on digital currencies acceptance.
BitPay company provides cryptocurrency payment processing services for retailers and reportedly has seen a growing number of businesses using their services to directly receive digital currencies as payment.
Pair thinks that โThere could be an inflection point in 2022โณ for the common use of digital coins โwhere it starts to become a little unusual for you to not have someโ. He commented the following:
โI think in 2022, youโll see many more people โ that next wave of people โ getting interested in crypto both from an investment perspective and a โletโs try it for a paymentโ [perspective]โฆThereโs going to be many more places with that service โ that youโll be able to spend crypto and do it in an in-person setting, which may make people more comfortable trying it out than perhaps if itโs on a website where theyโre not sure if theyโre doing it right or wrong.โ
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