Nearly 25% of Small and Micro-Size Businesses Plan To Accept Crypto Payments This Year: New Visa Survey

Global credit giant Visa says that nearly a quarter of small and micro businesses (SMBs) plan to start accepting crypto assets as payments in 2022.

In a new study that surveyed 2,250 small business owners with 100 employees or fewer across North America, South America, Asia and Europe, the payments titan finds that 82% of SMBs questioned say they would offer some sort of digital option for payments this year.

Seventy-three percent of respondents say they see accepting new forms of payment as a key driver to their growth, and 24% of businesses surveyed say they plan to accept crypto payments such as Bitcoin (BTC) this year.

The report, which also surveyed 1,000 customers ages 18 and above, finds that consumers are increasingly shifting toward cashless transactions, accelerating the digitalization of payments.

“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.

The top benefits for relying more on digital payments amongst surveyed consumers were easier online shopping (47%), followed by less risk of robbery (38%) and convenience (37%).”

SMBs are also ready to adapt to an era of cashless payments with 64% saying that they plan to exclusively rely on digital payments within the next decade, while 41% say that they could make it happen within the next two years.

Jeni Mundy, Visa’s global head of merchant sales and acquiring, says:

“Payments are no longer about simply completing a sale. It’s about creating a simple and secure experience that reflects one’s brand across channels and provides utility to both the business and its customer.”

You can read the full report here.

Featured Image: Shutterstock/Alberto Andrei Rosu/Vladimir Sazonov