Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The payment company giant Visa Inc just surveyed 2,250 small businesses from nine countries to understand if merchants are planning to adopt crypto to receive payments. Results show that over 25% of them want to start doing so this year.
Reuters reported that Visa expects many retail businesses to join the crypto boom starting this year. The payment company has been long involved in the cryptocurrency industry and is interested in its mainstream acceptance as an opportunity to grow its own line of products and services.
Visa currently offers cryptocurrency-linked cards for consumers to make purchases using digital currencies. However, this service doesnât mean stores directly accept digital assets as payments. The userâs holdings directly turn into a fiat currency âinstantly, behind the scenesâ as they pay.
Even though Visa consumers are reportedly adopting crypto with over $3.5 billion in crypto-linked digital transactions in 2021, merchants have been skeptical about directly receiving it as payment so far.
Visaâs Crypto Survey Results
Visa surveyed small businesses from the United States, Brazil, Singapore, Canada, Russia, United Arab Emirates, Hong Kong, Germany, and Ireland.
Reportedly, small businesses from North America were the least enthusiastic about starting to accept cryptocurrencies as a form of 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 âwhere the crypto industry is boomingâ 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 âfundamentalâ for their businesses to grow.
Related Reading |Â Visa Creates Service To Advise Financial Institutions On Cryptocurrencies
BitPay Chips In
Similarly, CEO of crypto payments platform BitPay Stephen Pair just made comments that contribute to the 2022âs forecast on digital currencies acceptance.
BitPay company provides cryptocurrency payment processing services for retailers and reportedly has seen a growing number of businesses using their services to directly receive digital currencies as payment.
Pair thinks that âThere could be an inflection point in 2022âł for the common use of digital coins âwhere it starts to become a little unusual for you to not have someâ. He commented the following:
âI think in 2022, youâll see many more people â that next wave of people â getting interested in crypto both from an investment perspective and a âletâs try it for a paymentâ [perspective]âŠThereâs going to be many more places with that service â that youâll 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 itâs on a website where theyâre not sure if theyâre doing it right or wrong.â
Related Reading |Â FinTech Behind Cardanoâs First Stablecoin Launches Bank Accounts And Visa Debit Cards
Crypto total market cap at $2.0 trillion in the daily chart | Source: TradingView.com
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.