Crypto holders want to use their assets to shop, and stores around the globe are starting to take heed.
Back in 2021, a study showed that there is a high demand for cryptocurrency payment abilities among both crypto holders and non-holders. However, in the same study, 50% of participants noted that there are not enough businesses that accept crypto. This may change very soon.
Almost one out of four small and mid-size businesses (SMB) that participated in a survey by Visa said that they were planning to accept payments in cryptocurrencies such as Bitcoin (BTC). In the same study, 73% of respondents stated that accepting new forms of digital payment options is a key factor that will affect business growth in 2022.
About 2,250 small business owners located in nine countries, including the United Arab Emirates, Hong Kong, the United States and Canada participated in the study. Among these respondents, 82% said they plan to implement a form of digital payment option in 2022.
The survey also included a consumer section where 1,500 adults across nine markets participated. In this section, more than half of the respondents expressed that they are expecting to go completely cashless within 10 years. Meanwhile, 41% also indicated that customers had abandoned a purchase in physical stores where digital payments were unavailable.
The demand for crypto payments is not limited to small businesses. In a recent Twitter poll by Airbnb CEO Brian Chesky, users expressed that they want the option to pay in crypto when booking at Airbnb.
While the majority of businesses are still figuring out crypto payments, a restaurant in Florida already went all in. Crypto-themed restaurant Crypto Street accepts payments in all digital assets including memecoins and “shitcoins.”