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- According to a survey conducted by Visa, roughly one-fourth of those who replied want to accept bitcoin funds this year.
- businesses in nine countries including the US, UAE, Canada are planning to settle for cryptocurrency.
- Outside of North America, small businesses are more inclined to accept digital currencies like Bitcoin as payment.
Visa conducted a poll of small businesses and discovered that roughly one-fourth of those who replied want to accept bitcoin funds this year. Visa executive explained, “I believe people are becoming more confident in crypto.”
Small businesses in nine countries are planning to settle for cryptocurrency
This year, Visa presented a report on digital currencies on Wednesday. The survey of 2,250 small business owners in Singapore, Brazil, Russia, Germany, Hong Kong, Ireland, Canada, the United Arab Emirates, and the United States are settling for crypto.
“Amazingly, 82 percent of Small businesses want to accept crypto as digital payment in 2022, and 73 percent regard accepting new sorts of money as important to their organization’s growth,” the company added.
ALSO READ – FIDELITY EXPECTS THE ACQUISITION OF BITCOIN BY MORE SOVEREIGN NATIONS IN 2022
Visa introduced crypto advising services in December
Furthermore, Visa’s director of crypto recently disclosed that the company has worked with 60 cryptocurrency platforms to let customers spend digital currency at 80 million businesses across the world.
Despite their growing popularity cryptocurrencies are still not used as payment methods not even to pay for products and services, owing in part to their volatile value.
Bitcoin fell more than 5% on Monday, falling below $40,000 for the first price since September.
Small businesses are more inclined to crypto
Outside of North America, small businesses are more inclined to accept digital currencies like Bitcoin as payment.
according to Visa’s survey, more than 30% of small business merchants in Hong Kong, United Arab Emirates, Singapore, and Brazil, wish to offer customers the option of paying with cryptocurrencies in the coming months. Despite differing rules, digital currencies have taken off in each of those nations.
In comparison, just 19 percent of small firms in the United States and 8 percent in Canada intend to accept cryptocurrency as payment in 2022.
according to a poll conducted, Accepting new means of payment is “essential” to the expansion of nearly three-quarters of firms globally. According to Mundy, adopting crypto may be a logical development for many smaller businesses moving towards new types of digital payments.
They are inquiring “What alternative modes of payment are accessible to us? And what additional forms should we think about?” She stated. Germany, Ireland, and Russia are among the other nations represented in the study.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
