Digital, Crypto Payments Key to Small Business Growth in 2022 – Visa

Adoption Bitcoin Cryptocurrency Payments Survey Visa

Author

Jaroslaw Adamowski

Author

Jaroslaw Adamowski

Author Profile

Share

Copied

Last updated: 

June 25, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

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.
_____
Learn more: 
– During April BTC Peak, 61% of Surveyed Financial Institutions Said Crypto Access ‘Extremely’ Important
– Half of Surveyed Millennial Millionaires Set to Buy Even More Bitcoin, Ethereum in 2022

– Crypto Adoption in 2022: What to Expect?

– Rising Number Of Investors Sell Stocks, Bonds To Buy Crypto – Survey
– Almost 1 in 2 Respondents Plan Use Crypto For Payments In 2 Years – Survey