Visa Inc, a payment giant, recently surveyed 2250 businesses in nine countries. The purpose of the survey was to find out if they are considering crypto payments. More than 25% said they would like to get started this year.
Reuters reported that Visa expects many retail businesses to join the crypto boom starting this year. This payment company is a long-time participant in cryptocurrency and sees mainstream acceptance as an opportunity for growth of its products and services.
Visa currently offers cryptocurrency-linked cards for consumers to make purchases using digital currencies. However, this service doesn’t mean stores directly accept digital assets as payments. The user’s holdings directly turn into a fiat currency “instantly, behind the scenes” As they make.
Although Visa customers are said to be adopting cryptocurrency with more than $3.5 billion worth of crypto-linked digital transactions by 2021, merchants remain skeptical about receiving the payment directly.
Visa’s Crypto Survey Results
Visa conducted a survey of small businesses in the United States and Canada.
According to reports, North American small businesses were least interested in accepting cryptocurrencies as payment. 19% of small businesses from the U.S. and only 8% from Canada want to offer digital currencies as a form of payment this year.
However, over 30% of small retailers from the United Arab Emirates, Hong Kong, Singapore, and Brazil –where the crypto industry is booming– intend to allow users to pay using crypto in 2022.
Furthermore, around three-quarters of the surveyed retailers thought that accepting crypto as a payment option would be “fundamental” for their businesses to grow.
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BitPay Chips in
Similarly, CEO of crypto payments platform BitPay Stephen Pair just made comments that contribute to the 2022’s forecast on digital currencies acceptance.
BitPay is a cryptocurrency payment processor that allows retailers to pay in digital currency. BitPay has reportedly seen an increase of companies using their services, which allow them to receive payment directly in digital currencies.
Pair thinks that “There could be an inflection point in 2022″ for the common use of digital coins “where it starts to become a little unusual for you to not have some”. He added the following comment:
“I think in 2022, you’ll see many more people — that next wave of people — getting interested in crypto both from an investment perspective and a ‘let’s try it for a payment’ [perspective]…There’s going to be many more places with that service — that you’ll be able to spend crypto and do it in an in-person setting, which may make people more comfortable trying it out than perhaps if it’s on a website where they’re not sure if they’re doing it right or wrong.”
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