Small Business Owners Across the World Are Adding Crypto to Their List of Accepted Payments

The team at the global payment processing company Visa recently undertook a study that involved small business owners in nine of the world's countries. This study reached some conclusions that could have a major impact on the way that small businesses take payments in 2022 and beyond.

The study demonstrated that the world's small business owners are increasingly interested in embracing the emergent world of digital currency. Based on the findings of this study, as much as 25 percent of the small business owners operating in the countries surveyed plan to begin adding crypto to the list of payments that they accept from their customers. The same study also showed that many consumers in these countries expect that they will soon be able to make payments through the use of crypto.

There Is a Growing Confidence in the Overall Future of Cryptocurrency

One of the points that were illuminated by the recent Visa study is the fact that an increasing number of people around the world are gaining confidence in the use of cryptocurrency. This study focused on more than 2 thousand business owners across nine countries. These countries included the U.S., Singapore, and Brazil, among others. It found that one in every four small business owners in these countries plans to implement measures that will allow them to accept cryptocurrency payments from customers.

There was some notable disparity in the percentage of small business owners that plan to implement cryptocurrency payments in 2022 depending on the specific country in question. While eight percent of small business owners in Canada plan to add crypto payments in 2022, as high as 30 percent of their small business counterparts in Brazil, Hong Kong, and the United Arab Emirates plan to do so. In the United States, roughly 19 percent of small business owners will look at adding crypto payments to the list of options that they offer to their customers.

2021 Was a Breakout Year for the Use of Crypto

2021 turned out to be a banner year for the use of cryptocurrency around the world. The 2021 calendar year saw a huge number of large companies begin to take payments from customers in the form of digital assets. One of the most notable moves during 2021 was the government of El Salvador recognizing bitcoin as a form of legal tender within its sovereign territory.

The past year was also a crucial one when it came to the attitudes of small business owners concerning customer payments made through the use of cryptocurrency. As the study conducted by Visa clearly has shown, small business owners around the world are changing their attitudes toward crypto payments and becoming increasingly interested in accepting them from their customers.

It is clear that 2022 will be a year of increased growth when it comes to the use of crypto to make payments at small businesses around the globe. A steadily increasing number of small business operators look to add a crypto payment option in 2022. In the nine countries surveyed, this could be as much as one in every four small businesses.