Fintech & Ecommerce

Visa survey: here’s how many SMBs plan to accept crypto payments

This year’s study surveyed small business owners in 9 markets – Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, UAE and US

SMBs

Visa survey: here’s how many SMBs plan to accept crypto payments. Source: pexels.com

According to Visa, 90% of surveyed SMBs said they are optimistic about the future of their businesses, the highest level of optimism in Visa Global Back to Business studies to-date.

Interestingly, 82% of SMBs said they will accept digital options in 2022 and 46% of consumers surveyed expect to use digital payments more often in 2022, with just 4% saying they will use them less.

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. The digital capabilities that small businesses built up during the pandemic – from contactless to e-commerce – helped them pivot and survive and, by continuing to build on this foundation, can now help them find new growth and thrive
Jeni Mundy, Global Head Merchant Sales & Acquiring, Visa

Besides, 73% see accepting new forms of payments as fundamental to their business growth. Of those surveyed, 24% said they plan to accept digital currencies such as the cryptocurrency Bitcoin.

Of small businesses surveyed with an online presence, 90% agreed their survival through the pandemic was due to increased efforts to sell via e-commerce, and reported that, on average, over half of their revenue came from online channels in the last three months.

A majority of SMB respondents expect their business to shift to relying exclusively on digital payments in the future. While 64% of survey respondents anticipate being able to make this shift within 10 years, 41% say it could be within the next two years—and 18% are cashless already.

We’ve reported that Omicron may discourage the economic recovery prospects in 2022.

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