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According to a recent study by the payment processing giant visa, nearly a quarter of participants across nine nations said they plan to embrace digital currencies as a form of payment this year. Furthermore, 13% of consumers in these countries predicted retail stores will begin allowing crypto settlements in the following 12 months.
‘People feel more secure with Crypto'
As reported by Reuters, Visa surveyed 2,250 small business owners from nine countries across the globe, including the United States of America, Canada, Brazil, and Singapore. By the results, every fourth participant plans to embrace bitcoin or some spare parts as a payment method before the end of the current year.
It is nevertheless useful to look at the percentage rate in the different countries. Visa estimated that over 30% of small traders based in the uae, hong kong, singapore, and brazil intend to allow cryptocurrency options for customers within the next few months. But 19% of Americans and only 8% of Canadians plan to do the same thing.
The payment processor also interviewed 1,000 American adults who are not in charge of businesses, as well as 500 other people from every other country. Nearly 13% of those 1,500 expect retail stores to start offering digital asset payments in 2022.
Jeni mundy – Visa's global head of commercial sales and acquisitions – said many business owners around the world view adopting new forms of payment as "fundamental" to growing their business. She added that accepting cryptocurrencies also come as a "natural evolution" for many small firms.
“I believe more people feel more confident with crypto,' concludes Mundy.
Adoption thrived in 2021.
It is safe to say that the adoption of cryptocurrency has prospered in the past 12 months as many giant corporations have enabled customers to pay with digital assets, if they're willing to do so. Such examples include Croatia’s and Mexico’s largest supermarket chains – Konzum and Elektra.
At some point last year, even the leading manufacturer of tesla electric vehicles started accepting bitcoin payments for his cars. However, the company halted the initiative a few months later due to environmental concerns.
Arguably the most significant example of such adoption in 2021 was El Salvador’s decision to officially recognize bitcoin as legal tender inside its borders.
