24% of SMBs to Accept Crypto Payments: Visa Survey

73% of the small and micro-businesses surveyed by Visa think that accepting new forms of payment is important to their business’s growth.
24% of SMBs to Accept Crypto Payments: Visa Survey

In Brief:

  • 24% of SMBs revealed in a Visa survey that they plan to accept crypto as payments in 2022.
  • Visa surveyed 2,250 small business owners and 5,000 consumer adults in 9 markets.
  • 53% of the consumers surveyed expect to go cashless in the next 10 years.

According to a recent survey conducted by Visa, 24% of the small and micro businesses(SMBs) revealed that they plan to accept crypto such as Bitcoin as payments in 2022.

Visa surveyed 2,250 small business owners and 5,000 consumer adults in nine markets which were Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, United Arab Emirates, and the United States.

In 2022, 82% of SMBs surveyed aim to accept some form of digital payment, and 73% regard accepting new forms of payment as critical to their business’s growth.

Within the next ten years, 53% of consumers expect to go cashless. It will happen in the next two years, according to 25% of respondents, while 16% are currently using only digital payments.

In the future, most SMB respondents expect their company to rely only on digital payments. While 64% of those surveyed believe they will be able to make the switch in 10 years, 41% believe it will happen in the next two years and 18% are already cashless.

Not only small businesses but huge corporations are also hinting at accepting crypto as payments this year. Last week Airbnb CEO revealed on Twitter that using crypto payments to book rooms is the top suggestion by users for this year. Chesky also hinted that Airbnb’s future crypto payment options will not be restricted to just one or two tokens.

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