Digital, Crypto Payments Key to Small Business Growth in 2022 - Visa
As much as 73% of surveyed small businesses said accepting new forms of digital payments is a fundamental factor to their growth in 2022, with 24% eyeing enabling cryptocurrency payments, according to a survey by US payments giant Visa.
With this in mind, 59% of small businesses (SMBs) surveyed said they already are, or aim to, use only digital payments within the next two years. This reflects the general consumer approach, as 41% of consumers surveyed said the same, per Visa.
“An overwhelming 82% of SMBs surveyed said they plan to accept some form of digital option in 2022 and 73% see accepting new forms of payments as fundamental to their business growth. Of those surveyed, 24% said they plan to accept digital currencies such as the cryptocurrency Bitcoin,” Visa said.
Among the surveyed businesses, 90% of respondents with an online presence declared they attributed their pandemic survival to increased efforts to sell online. The survey’s results indicate that some changes that took place during the pandemic, such as increased use of digital payments, are here to stay.
Commenting on the survey’s findings, Jeni Mundy, Global Head Merchant Sales and Acquiring at Visa, said that 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,” she said.
Meanwhile, Visa itself is teaming up with Ethereum (ETH)-focused blockchain software company ConsenSys to help bridge central bank digital currency (CBDC) networks with the existing payment rails, according to a recent statement.
The payments giant said that, by harnessing its network-of-network capabilities, Visa can allow bridging new CBDC networks with the financial ecosystem in place.
“Visa’s CBDC Payments Module is designed to provide an on-ramp for CBDC to existing payment networks, so that CBDC networks can easily connect to traditional financial service providers. For banks and issuers processors, they’ll be able to plug into the module and integrate their existing infrastructure and be enabled to do things like issue CBDC-linked payment cards or wallet credentials for consumers to use,” said Catherine Gu, Visa’s Head of CBDC.
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