A study by credit card provider Visa predicts major advances in crypto adoption this year. According to this, almost a quarter of small businesses plan to accept digital currencies as a means of payment by 2022. Additionally, 13 percent of consumers in these countries expect retail stores to offer crypto payments this year and beyond.
According to Reuters the survey took place among 2,250 small business owners in nine countries. These include the USA, Brazil, Singapore and Canada. It can serve as a clear indication that cryptocurrencies as a means of payment could gradually become mainstream.
However, the Visa study also revealed large country-specific differences in terms of the expected adaptation. Almost a third of merchants from Brazil, Singapore and some other countries are willing to offer payments in cryptocurrencies. Hong Kong and the United Arab Emirates are also very high on this list. In stark contrast, just 8 percent of Canadian respondents said they want to offer their customers the ability to pay with digital currencies. In the US, on the other hand, it is 19 percent.
Visa sees “natural evolution” in crypto adoption
Nearly three-quarters of companies surveyed globally said accepting new forms of payment is “fundamental” to their business growth. So for many smaller businesses moving toward new forms of digital payments, adopting cryptocurrencies could be a natural progression, says Jeni Mundy, at Visa Global Head of Merchant Sales and Acquiring according to Reuters in an interview.
Last year, cinema chain AMC began accepting BTC and various altcoins. However, CEO Adam Aron recently confirmed that the company will not be carrying cryptocurrencies on its balance sheet.