According to a Visa survey, a quarter of small companies in nine countries aim to accept cryptocurrency payments

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As per a study by Visa Inc., over a quarter of small companies in nine countries want to accept digital currencies as a means of payment by 2022, while 13 percent of consumers in the same countries anticipate retail establishments to start accepting crypto payments from this year.

According to a poll of 2,250 small company owners conducted in nine countries, including the United States, Brazil, Singapore, and Canada, cryptocurrencies are beginning to gain traction as a form of payment.

In addition, Visa polled 1,000 individuals in the United States and 500 adults in each of the nine nations.

In an interview, Jeni Mundy, Visa’s global director of merchant sales and acquisitions, stated, “I think more people are feeling more confident with crypto.” 

Despite their growing popularity among retail and professional investors, cryptocurrencies are still not frequently utilized to pay for products and services, owing to their volatile volatility.

Bitcoin dropped more than 5% on Monday, falling below $40,000 for the first time since September.

Small companies outside North America are more willing to accept digital currencies as payment, such as Bitcoin.

According to Visa, in the United Arab Emirates, Hong Kong, Singapore, and Brazil, more than 30% of small business merchants expect to give clients the option of paying with cryptocurrency in the coming months. Despite differing rules, digital currencies have taken hold in each nation.

In comparison, just 8% of small firms in Canada and 19% of small enterprises in the United States intend to accept bitcoin as a payment option in 2022.

Embracing new forms of payment is essential to the expansion of almost three-quarters of companies polled throughout the globe. According to Mundy, adopting crypto may be a natural step for many smaller businesses moving into new types of digital payments.

She asked What other types of payment may be accepted and what other forms to think about.

Germany, Ireland, and Russia are among the other nations represented in the study.

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