SMEs Willing to Encrypt Payments to Institute in 2022 – Survey

  • A recent study by Visa showed that SMEs plan to implement some form of crypto payment system this year.
  • Many other companies have expressed interest in the same, including Airbnb, Tesla, and a crypto-themed restaurant in Florida.

Last year, a survey found that about 60 percent of consumers, both crypto holders and non – holders, are willing to make purchases using crypto assets. However, 50 per cent said that the biggest drawback is that most businesses do not accept encrypted payments. However, a new Visa survey shows that this situation may soon change.

The survey, conducted with small and medium-sized enterprises (SMEs), showed that one in four of these companies plan to accept payments in digital assets such as Bitcoin. Participants included 2,250 small business owners from nine countries, including the US, UAE, Canada and Hong Kong. 82 per cent plan to implement some form of crypto payment by 2022. Of the total respondents, 73 per cent believe that embracing new digital payment options will play a key role in business growth this year.

In addition, the study included a consumer segment with 1,500 adult participants from nine markets. Half of them said they expect to go 100% in cash in the next decade. 41% said customers were abandoning physical establishments that did not offer digital payment options.

Interest on encrypted payments

Apart from SMEs, the demand for encrypted payments is also reflected in other businesses. For example, a recent Twitter poll by Airbnb CEO Brian Chesky showed that the majority of users want to integrate crypto payments to book accommodation spaces. Iranian authorities are studying how to incorporate digital currencies into international payments.

Last year, Tesla CEO Elon Musk expressed interest in Dogecoin, as well as Bitcoin, as a form of payment by Tesla. The same would apply to the proposed Texas Institute of Technology and Science, where there is «instruction in Dogecoin & u get a discount if you have a dog.» Musk and fellow billionaire investor Mark Cuban later backed Dogecoin, saying it’s better «spending» than the iconic Bitcoin Crypto. And as 2021 drew to a close, FTX CEO Sam Bankman-Fried said many crypto projects would try to increase scalability this year to support payment infrastructures.

While many businesses are still navigating how to offer cryptocurrency payment systems, Florida’s “Crypto Street Restaurant” has jumped in. Customers can pay in any digital currency of their choice, including meme coins and so-called “shitcoins”. El Salvador has Bitcoin, for its part, as a legal tender, despite warnings from a series of financial activists.

Javier Marquez

Javier Marquez has been closely following the development of bitcoin and blockchain technology since 2017. Since then, he has been working as a columnist, reporting on the ups and downs, implications and developments of the cryptocurrency market. He believes that cryptocurrencies and blockchain technology will have a huge positive impact on people's lives.

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