A recent Visa Inc survey has revealed the willingness of small businesses in nine countries to accept digital assets like Bitcoin, Ethereum and others as payment for their goods and services.
One in four small businesses is open to accepting cryptocurrencies
The survey, which included more than 2,000 business owners in countries such as the United States, Singapore, Brazil and others, showed that crypto payment options would increase greatly this year.
Reuters revealed that a closer look at the numbers would show that businesses in Hong Kong, Singapore, Brazil, and the United Arab Emirates were willing to introduce cryptocurrency payment options.
According to Reuters, at least 30% of small businesses in all of the countries mentioned above expressed a willingness to accept cryptocurrencies. This is despite the varying level of government regulation imposed on the industry in these countries.
For the United States and Canada, companies are more reluctant to open their doors to cryptocurrencies. In the US, for example, 19% of small businesses want to receive crypto payments, while less than 10% of small businesses in Canada are willing to accept digital assets.
Why Small Businesses May Be Reluctant to Accept Crypto
While it is undeniable that cryptocurrencies have gone mainstream in 2021, businesses are still unwilling to embrace them as a payment option due to the volatile nature of assets in the space.
Flagship digital asset Bitcoin has lost more than 35% of the gains it made since reaching $68,789 in November last year. The asset recently traded below the $40k mark for the first time in three months.
This level of historical volatility makes it difficult for companies around the world to adopt the asset.
Apart from this, Chainalysis pointed out that another impediment to the adoption of cryptocurrencies is their use by criminals.
According to the report, the “criminal abuse of cryptocurrency creates huge impediments to continued adoption, (and) increases the likelihood that governments will impose restrictions…”.
Some companies already accept crypto payments
Although cryptocurrency payment options are not fully widespread, some companies already accept payment for their products and services through cryptocurrencies. Some of them are mentioned below:
- PayPal: PayPal users in the United States can use their crypto to pay for goods and services with Bitcoin, Ethereum, Litecoin, or Bitcoin Cash. This option is available to the more than 30 million merchants who accept PayPal.
AMC Theater: The largest movie theater chain in the United States began accepting crypto payments last year. Moviegoers can pay for their tickets with Bitcoin, Ether, and others. Notably, the movie theater would also support payments using the popular meme currencies Dogecoin and Shiba Inu.
- The Savior: El Salvador is not a business. However, the Central American country has adopted Bitcoin as legal tender, which means that all companies operating within the country must now accept the asset every time a customer wants to pay for a good or service.
Other notable mentions include Regal Cinemas, Overstock, Travala, etc.
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