One in four SMBs plan to accept crypto payments in 2022: survey

13 Jan 2022

Around one in four small and medium-sized businesses (SMBs) are planning to accept cryptocurrencies such as Bitcoin as a method of payment, according to a survey carried out by Visa.

The findings also revealed 73% of respondents said accepting digital payment options will be a crucial factor impacting business growth this year.

A total 2,250 small business owners in nine countries took part in the poll, including the U.S., Canada, UAE and Hong Kong. As many as 82% said they have plans to roll out a digital payment option in 2022, Cointelegraph reports.

In addition, the poll included a consumer section featuring 1,500 respondents within nine markets. Over half said they predict to go totally cashless within a decade, 25% said it would occur within the next two years and 16% are already only using digital means of payment. The principal advantages for greater reliance on digital payments amongst the respondents were easier online shopping (47%), reduced risk of theft (38%) and convenience (37%).

Moreover, 41% said consumers had abandoned an in-store purchase where digital payments were unavailable. Young buyers, including 59% of Generation Z and 55% of Millennials, have not made a purchase if there was no digital payment option, substantially more than 38% of Generation X and 19% of Boomers.

“Payments are no longer about simply completing a sale. It’s about creating a simple and secure experience that reflects one’s brand across channels and provides utility to both the business and its customer,” said Jeni Mundy, Global Head Merchant Sales & Acquiring, Visa. “The digital capabilities that small businesses built up during the pandemic – from contactless to e-commerce – helped them pivot and survive and, by continuing to build on this foundation, can now help them find new growth and thrive.”