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Visa Survey: Majority Of SMBs Will Adopt Crypto In 2022

As New Year begins to take shape many crypto platforms are unveiling plans to boost the adoption of digital currency and provide users with top-notch services this year.

Visa has disclosed that a large percentage of small and micro businesses (SMBs) are ready to adopt crypto this year. The leading payment platform in a recent survey found out that 82% of SMBs will accept digital currency in 2022.

The survey which is the payment giant’s sixth edition was carried out among SMBs owners and consumers in nine countries. Essentially, about 2,250 small businesses from Canada, Germany, Hong Kong, Russia, Singapore, UAE, United States, among others participated in the survey.

According to the report, 82% of SMBs interviewed intend to accept some form of crypto asset in 2022. Also, 73% of participants noted that adopting a new kind of payment was crucial to the growth of their business.

The survey also disclosed that 90% of small businesses believed that e-commerce aided them in surviving the pandemic. Jeni Mundy, Visa’s Global Head Merchant Sales and Acquiring also supported this claim.

According to Mundy, SMBs were able to survive during the pandemic as a result of the digital endeavors they employed. She further explained that means of making payments was changing and that payment now reflects one’s brand.

53% Of Consumers To Become Cashless In 10 years

Visa survey also revealed that the majority of consumers are planning to adopt digital currency. According to the survey, 53% of consumers plan to go completely cashless in the next 10 years.

The independently conducted survey pointed out that 25% of respondents believe they will go cashless in two years. Interestingly, 41% of the survey participants noted that they do not patronize businesses that do not offer digital payment.

Moreover, the Visa survey also highlighted the benefits of offering online services and digital payment for consumers. It said consumers consider it to be more safe, convenient, and easily accessible.

Additionally, the majority of respondents also noted that they intend to increase inter-country sales in 2022. It is worth noting that Visa already facilitated about 24.8 million small businesses to offer digital payments.

Other Multinational Organizations Adopting Crypto

While the Visa survey focused on small business plans to adopt a new form of digital payment in 2022, it is important to note that several other multinational companies are also embracing digital currency.

Chainalysis 2021 global crypto adoption report disclosed that adoption of crypto by organizations surged by a whopping 880%. Vietnam, India, Pakistan, Ukraine, and Kenya respectively are ranked as the three highest countries in the Chainalysis global adoption index.

Elon Musk’s Tesla also recently announced plans to adopt Dogecoin (DOGE) as a payment option for the company merchandise.

Furthermore, users who responded to Airbnb CEO Brian Chesky Twitter poll demanded that the online marketplace for lodging adopt crypto payments. Cheeky had earlier asked his more than 403,000 Twitter followers what they would want the platform to launch.

BTC and DOGE Price Update

As of the time of publication, Bitcoin’s price was down by 4.4% and was trading at $42,383.02. The top crypto has a 24-hour trading volume of $29,191,776,834 with a market cap of $802,177,542,791. Also, it has a circulating supply of 19 million BTC coins and a total supply of 21 million.

Meanwhile, Tesla’s announcement had a major impact on the meme coin as it rallied by 10% in the last 24 hours. DOGE was trading at $0.191778 with a 24-hour trading volume of $5,210,597,803.

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