In 2021, a study showed that there is a high demand for cryptocurrency payment capabilities among crypto holders and non-holders. However, in the same study, 50% of the participants indicated that there are not enough companies that accept cryptocurrency. This may change very soon.
Almost one in four small and medium-sized businesses (SMBs) that participated in a survey conducted by Visa said they plan to accept payments in cryptocurrencies such as Bitcoin. In the same study, 73% of respondents stated that accepting new forms of digital payment options is a major factor that will influence business growth in 2022.
The study involved 2,250 small business owners in nine countries including the United Arab Emirates, Hong Kong, the United States and Canada. Among those respondents, 82% said they plan to implement some form of digital payment option in 2022.
The survey also included a consumer section of 1,500 adults from nine markets. In this section, more than half of the respondents expressed that they expect to be completely cashless within 10 years. 41% also indicated that customers have given up on purchasing in physical stores where digital payments were not available.
Related: Wall Street Financial Advisor LionTree Explores Crypto Payments
The demand for crypto payments is not limited to small businesses. In a recent Twitter poll by Airbnb CEO Brian Chesky, users expressed a desire for the option to pay with cryptocurrency when booking on Airbnb.
While the majority of companies are still discovering crypto payments, a Florida restaurant has already entered. Crypto-themed Crypto Street Restaurant accepts payments with all digital assets including meme coins and “shitcoins”.