Last year, a survey found out that about 60 percent of consumers, both crypto holders, and non-holders, are willing to make purchases using crypto assets. However, 50 percent of these said the major drawback was that most businesses don’t accept crypto payments. A new survey by Visa, however, shows that this situation might change soon.
The survey, conducted on small and medium-sized businesses (SMBs), showed that one in four of these enterprises is planning to accept payment in digital assets like Bitcoin. Among the participants were 2,250 small business owners from nine countries, including the US, UAE, Canada, and Hong Kong. 82 percent of these intend to implement some form of crypto payment in 2022. From the total respondents, 73 percent think taking up new digital payment options will play a key role in business growth this year.
Additionally, the study consisted of a consumer section with 1,500 adult participants from nine markets. Half of them said they expect to go 100 percent cashless in the next decade. 41 percent said customers were abandoning physical outlets that did not offer digital payment options.
Interest in crypto payments
Other than SMBs, the demand for crypto payments has also been seen in other enterprises. For instance, a recent Twitter poll by Airbnb CEO Brian Chesky revealed that the majority of users want crypto payments integrated for booking lodging spaces. Authorities in Iran are looking into ways they can incorporate digital currencies into international payments.
Last year, Tesla CEO Elon Musk, expressed interest in Dogecoin, other than Bitcoin, as a form of payment at Tesla. The same would be implemented for the proposed Texas Institute of Technology and Science, where “tuition is in Dogecoin & u get a discount if you have a dog.” Later on, Musk and fellow billionaire investor Mark Cuban, went on to side with Dogecoin, saying it is better for “spending,” than the flagship crypto Bitcoin. And as 2021 drew to a close, FTX CEO Sam Bankman-Fried said many crypto projects would place effort in increasing scalability this year to support payment infrastructures.
While many businesses are still navigating how to provide crypto payment systems, the “Crypto Street Restaurant” in Florida has dived right in. Customers can pay in any digital currency they choose, including meme coins and the so-called “shitcoins.” El Salvador, on the other hand, has Bitcoin as legal tender, despite warnings from a host of financial players.