A survey by Visa Inc. shows that a quarter of small businesses across nine countries are looking at digital currencies as a form of payment in 2022. The multinational financial services corporation highlighted that 13% of consumers in these countries expect retail stores to offer crypto payments this year.
Visa Inc. had conducted a survey of 2,250 small businesses in nine countries, including Singapore, Canada and the United States. Jeni Mundy, global head of merchant sales and acquiring at Visa, believes more people are feeling confident and positive about cryptocurrencies. However, digital currencies are not widely used for goods and services, owing to their high volatility which results in frequent fluctuations in value.
The survey revealed that small businesses outside North America are more open to accepting digital currencies and want to benefit from it. More than 30% of small business merchants, as per Visa, in Hong Kong, Brazil, the UAE and Brazil plan to offer consumers to option of using cryptocurrencies. It should be noted that the cryptocurrency sector in these countries has not been affected by their respective regulations. The survey states that about 19% of small businesses in the US and 8% in neighboring Canada want to offer crypto as a payment option this year.
Visa also pointed out through its global survey that almost three-quarters of businesses believe that accepting new forms of payments is fundamental for their business growth. And as small companies shift towards newer forms of digital payments, accepting cryptocurrencies would be a natural process.