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Visa Survey Finds Crypto Payments Could Be Accepted By 25% Small Businesses Across Nine Countries

Visa Survey Finds Crypto Payments Could Be Accepted By 25% Small Businesses Across Nine Countries
A recent survey by Visa Inc has revealed that almost 25 per cent of small sized businesses spread across nine countries around the world intent to accept cryptocurrencies as a mode of payments for products and services in 2022. The survey also found that about 13 per cent of the consumers in those countries, in turn, expect small retail stores to start to accept crypto payments in the current year and beyond.
The survey comprised of 2,250 owners of small businesses in nine countries which included businesses in the United States, Brazil, Singapore, and Canada, and suggested that the possibility of cryptocurrencies starting to go mainstream and is widely accepted as a means of payment is not far off.
Also within the survey, 1,000 adults in the United States, along with 500 adults from each of the nine countries were surveyed in the study by Visa.
“I think more people are feeling more confident with crypto,” said Jeni Mundy, Visa’s global head of merchant sales and acquiring, in an interview.
Digital currencies are yet to be used in a frequent manner as a mode of payment for products and services, owing to their volatile volatility, even though cryptocurrencies are growing in popularity among both retail and professional investors.
The volatility of the value of digital coins is one of the major reasons for them being accepted widely as a mode of payment in the real world. For example, there was more than 5 per cent drop in the value of bitcoin on Monday as it dropped lower than $40,000 for the first time since September last year.
The Visa survey however found that small businesses outside of North America were more open to accepting cryptocurrencies such as bitcoin as a mode of payment.
In the United Arab Emirates, Hong Kong, Singapore, and Brazil, more than 30 per cent of the small business merchants who participated in the survey expect to offer clients the option of paying for their goods and services in cryptocurrency in the coming months, according to the Visa report. Despite differing rules, digital currencies have taken off in each of those jurisdictions.
In contrast, only 8 per cent of small firms in Canada and 19 per cent of small enterprises in the United States intend to accept bitcoin as a payment option in 2022.
Accepting new forms of payment is "essential" to the expansion of nearly three-quarters of businesses polled around the world. Adoption of crypto may be a natural step for many smaller businesses moving into new types of digital payments, according to Mundy.
They are asking "what other forms of payment can we take? And what other forms should we be considering?” she said.
Germany, Ireland, and Russia are among the other countries that were included in the Visa survey. 

Christopher J. Mitchell

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