A study from 2021 showed that cryptocurrency payment capabilities were in high demand among both holders and non-holders. Half of the participants in the study also noted that not enough businesses accept cryptocurrency. This could change soon. A new survey by Visa shows retail interest in cryptocurrency is rising.
Nearly one in four small and medium-sized businesses (SMBs) who participated in the survey stated that they plan to accept cryptocurrency payments such as Bitcoin (BTC) payments. 73% of the respondents said that accepting digital payments is an important factor in business growth for 2022.
The study involved 2,250 small-business owners in nine countries, including the United Arab Emirates and Hong Kong. 82% of the respondents indicated that they intend to implement a digital payment option by 2022.
A consumer section was also included in the survey, where 1,500 adults from nine countries participated. More than half of respondents indicated that they expect to be completely cashless in the next ten years. 41% of respondents indicated that they had stopped buying in physical stores that accepted digital payments.
Small businesses are not the only ones who want to accept crypto payments. Brian Chesky, CEO of Airbnb, conducted a Twitter poll and found that users want to be able to pay in cryptocurrency when they book on the platform.
Although most businesses are still learning about crypto payments, one restaurant in Florida has already made the leap. Crypto Street, a restaurant with a crypto theme, accepts payment in any digital asset, including memecoins and other less-known cryptocurrencies.