Visa says small businesses ready to integrate crypto payments

In 2022, almost a quarter of small businesses in nine countries planned to accept digital currencies as a form of payment. This follows Visa’s survey data, Reuters reports.

The study covered 2,250 small business owners in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, the United Arab Emirates and the United States. In the consumer segment, Visa polled 500 U.S. adults and 1,000 in the other countries.

13% of consumers in these jurisdictions expect that retail outlets will offer cryptocurrency payments.

“I think more people are feeling increasingly confident about cryptocurrencies,” said Jeni Mandi, director of global sales and acquiring.

Small businesses outside North America are more open to digital-currency payments. Visa found that more than 30% of small merchants in the United Arab Emirates, Hong Kong, Singapore and Brazil intend to offer cryptocurrency payments in the coming months.

In the United States this figure stands at 19%, in Canada just 8%.

Nearly three-quarters of those surveyed said that adopting new forms of payment is a “fundamental condition” for growth of their business. According to Mandi, for many, adopting cryptocurrencies could be a natural next step in development.

Earlier in December 2021 Visa stated that it had established a consulting division to help clients navigate Bitcoin and other digital currencies.

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