82% of SMBs plan to accept #digital payments in 2022, with 24% planning to accept #crypto like Bitcoin according to the 6th Edition of Visa’s Global Back in Business Study. More insights at https://t.co/4xLGK6eDUP pic.twitter.com/6toKFA4AO8
— VisaNews (@VisaNews) January 12, 2022
Almost a third of merchants from Brazil, Singapore and some other countries are willing to add cryptocurrency payments.
The company has surveyed 2,250 small-scale business owners from 9 countries – both developed and developing nations.
In sharp contrast, only 8% of the respondents from Canada said that they would allow their customers to pay with digital currencies.
The U.S. is somewhat in the middle, with 19% of the surveyed business owners claiming that they would add support for cryptocurrencies in 2022.
Here are some key takeaways from the survey:
- 73% of small businesses surveyed said accepting new forms of digital payments is fundamental to growth in 2022
- 59% of small businesses surveyed said they already are, or plan to, use only digital payments within the next two years – largely in step with 41% of consumers surveyed who said the same
- 90% of small businesses surveyed with an online presence said they attributed pandemic survival to increased efforts to sell online
- Nearly half (46%) of consumers surveyed expect to use digital payments more often in 2022, with just 4% saying they will use them less
- More than half of consumers surveyed (53%) responded they expect to shift to being cashless within the next 10 years, 25% said it will happen in the next two years and 16% are already using only digital payments
- 41% of consumers surveyed said they have abandoned a purchase in a physical store because digital payments were not accepted, and younger shoppers are even more likely to do so
- Gen Z (59%) and Millennials (55%) have not bought something because there was no way to pay digitally, significantly more than Gen X (38%) or Boomers (19%)
- As small businesses look to reach more customers online, 50% plan to increase cross-border sales in 2022
- On average, 68% of consumers responded they are comfortable buying items or services from a business in another country or territory
“I think more people are feeling more confident with crypto.”
– Jani Mundy, Global Head of Merchant Sales, VISA
According to Mundy, for many smaller companies that are moving into new forms of digital payments, adopting crypto may be a natural evolution. Furthemore, almost three-quarters of businesses surveyed worldwide reported that accepting new forms of payments is ‘fundamental’ to their business growth.
Cryptocurrencies have made great in-roads in terms of mainstream acceptance in 2020, but many merchants are still hesitant to accept them due to extreme volatility and regulatory concerns.
Those who do accept crypto usually convert it into fiat right away with the help of other payment processors.
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