January 13, 2022

A survey conducted by Visa found that nearly a quarter of small businesses in nine nations plan to accept digital currencies as a means of payment by 2022.

The survey of 2,250 small businesses was conducted in the United States, Brazil, Canada, Singapore, the United Arab Emirates, Hong Kong, Germany, Ireland and Russia. 13% of consumers from these countries also expect retail stores to accept crypto payments from this year.

“I think more people are feeling more confident with crypto,” said Jeni Mundy, Visa’s global head of merchant sales and acquiring, in an interview.

Many small businesses outside North America are increasingly accepting digital currencies, including Bitcoin, as a means of payment.

Visa has found that more than 30% of small business owners in the United Arab Emirates, Hong Kong, Singapore and Brazil plan to accept consumer crypto payments in the coming months.

On the other hand, only 19% of small businesses in the U.S. and only 8% in Canada expect crypto to be offered as a means of payment this year.

The survey found that nearly 75% of businesses surveyed believe that acceptance of new payment methods is “fundamental” to their business growth. Transitioning into new forms of digital payments such as crypto is even more important for smaller companies.

For more information, read the original story in Reuters.