Crypto Payments Key to Small Business Growth in 2022

Many Small Businesses Plan To Use Digital Payments In The Near Future.

According to Visa, about 73% of small businesses they asked said accepting new types of digital payments is an important element in their growth in 2022. Of those, 24% are looking at cryptocurrency payments.

With this in mind, 59% of small companies (SMBs) interviewed by Visa said they already are or plan to use solely digital payments over the next two years. This reflects consumer behavior, as 41% of respondents to Visa's study stated the same.  According to 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 (BTC).”

According to the survey, 90% of firms with an online presence said they attributed their survival from the pandemic to increased efforts to sell online. According to the findings of the study, some adjustments that took place during the pandemic, such as a rise in use of digital payments, are here to stay.

Jeni Mundy, Global Head Merchant Sales and Acquiring at Visa, said of the findings,

“[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."

Meanwhile, Visa is working with Ethereum (ETH)-focused blockchain software firm ConsenSys to help connect central bank digital currency (CBDC) networks with existing payment rails, according to a recent statement.

Visa is predicting that its network-of-network capabilities will allow it to connect new CBDC networks with the financial system already in place by using its network.

“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.
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