As cryptocurrencies continue to gain traction throughout the world, payment giant Visa conducted a study that found over a quarter of small firms in nine countries want to add crypto payment options this year.
The study polled 2,250 small company owners and 5000 adults from nine nations, including Canada, Singapore, Brazil, and the US.
According to the report, 13% of consumers in those nations expect retail stores to start accepting cryptocurrency payments this year and in the future.
These data show that cryptocurrencies are on the rise as a form of payment.
Jeni Mundy, Visa’s worldwide head of merchant sales and acquisition, echoed these concerns, saying,
“I think more people are feeling more confident with crypto.”
Because of the regular fluctuations in value, crypto payments have lagged, but that is changing.
According to Mundy, nearly three-quarters of businesses examined worldwide said that broadening payment options was critical for corporate growth. As a result, implementing cryptocurrency payment appears to be a natural progression for smaller businesses.
According to the Visa study, at least 30% of small firms in Brazil, Singapore, Hong Kong, and the United Arab Emirates plan to implement cryptocurrency payments in the coming months.
This is in line with Paysafe’s research, which found that 60% of respondents thought crypto purchases would become commonplace within a year. Furthermore, 55% of the crypto community would be willing to be compensated in crypto if the opportunity arose.
On the other hand, Crypto payment emerged as the most popular option among Airbnb clients due to its flexibility. After asking his Twitter followers how the accommodation booking site could improve in 2022, the company’s CEO Brian Chesky communicated his conclusions.