1 in 4 merchants could accept bitcoin this year

Accepting bitcoin (BTC) as a means of payment is the clear goal of hundreds of small and medium-sized entrepreneurs (SMEs) from at least nine countries by 2022. They consider that working with new forms of payment is essential for the growth of their businesses.

This is revealed by the sixth edition of the informe Global Back to Business, of the financial giant Visa. The company surveyed 2,250 microentrepreneurs in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, the United Arab Emirates, and the United States (USA).

The vast majority of businessmen consulted (82%) indicated that it will accept digital payments this year, as part of their intention to expand the way they charge for their products or services.

In detail, 73% of those surveyed specified that opening up to more payment methods is essential to grow your business and a 24% of all respondents plan to enter the Bitcoin ecosystem.

The trend towards digital is so important that 64% of those consulted by Visa expect their business to change and come to depend exclusively on of electronic payments in at least 10 years.

Something interesting is that almost half, or 41%, pose that scenario in two years, although there are already some that only receive digital payments, confirming the complete separation of these and the banknotes and coins.

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Based on these results, the general outlook for 2022 by the merchants consulted by Visa, is of optimism and intention to digitize even more, after acknowledging that more than half of their income obtained in the last three months (52%) they came through digital channels.

“Payments are no longer simply about completing a sale. It’s about creating a simple and secure experience that reflects one’s brand across channels and provides utility for both the business and its customer,” said Jeni Mundy, Visa’s head of sales.

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73% of respondents said that opening up to more payment methods is essential to grow their companies. Fountain: Visa.

Break in consumers

Visa also surveyed 5,000 consumers. 1,000 of these, adults over 18, in the US; and another 500 from Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore and the United Arab Emirates.

The study found that not accepting digital payments is often the biggest reason of rupture between businesses and consumers. 41% of all respondents said that they are able to abandon a physical purchase because digital payments are not accepted.

Young people are, in general, the ones who cancel an order the most because they cannot pay with a digital method. Generation Z (1995-2000) and millennials (1981-1993) are the generations that abandon purchases the most for this reason, with 59% and 55%, respectively.

Bitcoin as a means of payment

More and more merchants, long dependent on fiat money to support themselves, come in bitcoin and the ecosystem that makes it up a new means of payment, adapting to the future.

Although the Visa report speaks of expectations for this 2022, There are already key examples of bitcoin being used as a payment method. Much of that is rooted in and driven by the Lightning Network, the layer two solution that streamlines transactions.

In fact, and in order to massify the adoption of BTC by businesses, we recently published in CriptoNoticias the various options that a small and medium-sized entrepreneur has to join the bitcoin wave.

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24% of merchants surveyed plan to start accepting bitcoin as
payment method. Fountain: Bitcoin.es

The good thing is that there are more and more businesses and large companies that decide to take the plunge, relying on the economy that promises to change the future. And even better is that there is support from important institutions.

Visa itself predicted in December that bitcoin and cryptocurrencies will change all businesses. Precisely for this reason, they intend to help their corporate clients “to understand and adopt these assets to update themselves in the digital age that we live in and is coming,” a fact reported by this medium.

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1 in 4 merchants could accept bitcoin this year

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