The results of a survey carried out by Visa among various SMBs (Small and Medium Businesses) have recently been published, revealing that a large proportion would be ready to accept cryptocurrency payments.
Global Back to Business, Visa’s study on SMBs and cryptocurrencies
Visa’s study, the sixth edition of Global Back to Business, was conducted to analyse the possible growth of digital payments in 2022, and revealed that 73% of the SMBs surveyed said they believe it is crucial for their growth to accept new forms of digital payments in 2022.
Indeed, 59% said they already use digital payments exclusively, or plan to use them exclusively within the next two years. The curious thing is that only 41% of consumers said the same.
82% said they would accept digital payments in 2022, while 24% said they would also accept cryptocurrencies such as Bitcoin.
The digital shift in SMBs
Much of this enthusiasm about digital payments comes from the veritable take-off of online sales by SMBs over the past two years, with 90% admitting that their survival during the pandemic is due to increased efforts to sell online. As much as 52% said that more than half of their revenue in the last three months came from online channels.
Currently, 18% of the SMBs surveyed no longer use banknote payments, while 41% said they might abandon them within the next two years. 64% expect to make this change within the next 10 years.
Payments as a secure experience
Visa’s Back to Business study was conducted by Wakefield Research in December 2021, and surveyed 2,250 small business owners, with 100 employees or fewer, in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, United Arab Emirates and the United States.
Visa‘s Global Head Merchant Sales & Acquiring, Jeni Mundy, said:
“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. 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”.