Digital, Crypto Payments Key to Small Business Growth in 2022 – Visa
As much as 73% of surveyed small businesses said accepting new forms of digital payments is a fundamental factor to their growth in 2022, with 24% eyeing enabling cryptocurrency payments, according to a recent survey by US payments giant Visa.
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Visa survey shows that 24% of SMBs plan to accept crypto payments
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.
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Digital Crypto Payments Key to Small Business Growth in 2022 Visa
As much as 73% of surveyed small businesses said accepting new forms of digital payments is a fundamental factor to their growth in 2022, with 24% eyeing enabling cryptocurrency payments, according to a survey by US payments giant Visa. With this in mind, 59% of small businesses (SMBs) surveyed said they already are, or aim to, use only digital payments within the next two years. This reflects the general consumer approach, as 41% of consumers surveyed said the same, per 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,” Visa said. Among the surveyed businesses, 90% of respondents with an online presence declared they attributed their pandemic survival to increased efforts to sell online. The survey’s results indicate that some changes that took place during the pandemic, such as increased use of digital payments, are here to stay. Commenting on the survey’s findings, Jeni Mundy, Global Head Merchant Sales and Acquiring at Visa, said that 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,” she said. Meanwhile, Visa itself is teaming up with Ethereum (ETH)-focused blockchain software company ConsenSys to help bridge central bank digital currency (CBDC) networks with the existing payment rails, according to a recent statement. The payments giant said that, by harnessing its network-of-network capabilities, Visa can allow bridging new CBDC networks with the financial ecosystem in place.“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._____Learn more: – During April BTC Peak, 61% of Surveyed Financial Institutions Said Crypto Access ‘Extremely’ Important- Half of Surveyed Millennial Millionaires Set to Buy Even More Bitcoin, Ethereum in 2022- Crypto Adoption in 2022: What to Expect?- Rising Number Of Investors Sell Stocks, Bonds To Buy Crypto – Survey- Almost 1 in 2 Respondents Plan Use Crypto For Payments In 2 Years – Survey
All data is taken from the source: http://cryptonews.com
Article Link: https://cryptonews.com/news/digital-crypto-payments-key-small-business-growth-2022-visa.htm
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– TIMESTAMPS –
2:11 Cryptocurrency 101
6:08 Questions About Bitcoin, Dogecoin, Ethereum, etc.
9:15 Cryptocurrency Safety & Criminal Use Concerns
13:15 Explaining Cryptocurrency Price & Value
17:38 “Which Cryptocurrencies Should I Buy?”
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► Dogecoin Explained: https://www.coinbureau.com/review/dogecoin-doge/
► Circle USDC Website: https://www.circle.com/en/usdc
► Paxos PAX Gold Website: https://www.paxos.com/paxgold/
► Bitcoin Use In Crime: https://www.forbes.com/sites/haileylennon/2021/01/19/the-false-narrative-of-bitcoins-role-in-illicit-activity/
► Bitcoin Stock To Flow: https://www.lookintobitcoin.com/charts/stock-to-flow-model/
► Cryptocurrency Lending And Borrowing Explained: https://www.coinbureau.com/review/aave-lend/
► Visa USDC On Ethereum: https://www.theblockcrypto.com/post/99639/visa-now-settles-payments-in-usdc-stablecoin-ethereum
Put simply, cryptocurrencies are like regular currencies except they’re entirely digital. Each individual cryptocurrency coin is fundamentally just a collection of numbers and letters
This sounds complicated, but it’s actually not far off from what we see with currencies today. Bills have serial numbers, and bank accounts have account numbers
Cryptocurrencies are basically like serial numbers without the physical bill, and cryptocurrency wallets are like bank account numbers without your name attached to them
Instead of the bank or government keeping track of your wallet balance, this is done by computers that connect to a cryptocurrency network to process transactions and earn cryptocurrency for doing so
♂Questions About Bitcoin, Dogecoin, Ethereum etc.♂
Broadly speaking there are two types of cryptocurrencies: coins and tokens. Cryptocurrency coins belong to cryptocurrency networks that were built from the ground up
Because cryptocurrency networks are so hard to make from scratch, only a few dozen cryptocurrencies are actually coins. The rest are cryptocurrency tokens
The most important thing to remember about cryptocurrency tokens is that a lot of them are nothing more than scams. This is primarily because cryptocurrency tokens are so easy to create
⚖Cryptocurrency Safety And Criminal Use Concerns⚖
For starters, not all cryptocurrencies are created equal. Some cryptocurrencies are built to prioritize speed over security, and usually the consequences of that play out quite quickly
When it comes to the criminal activities, it is true that ransom demands made by hackers often involve some kind of cryptocurrency. However, these cryptocurrencies always get swapped to privacy coins
Explaining Cryptocurrency Price And Value
Bitcoin has value because its BTC coin has an economic profile to gold. It has a maximum supply and only a small amount of BTC is created each day, and that amount is cut in half every 4 years
Cryptocurrencies like Ethereum’s ETH have value because they are required to pay for the transaction fees associated with minting and moving tokens as well as using decentralized applications
“Okay, Which Cryptocurrencies Should I Buy?”
Before you answer that question, you must remember to emphasize that nothing you tell them is financial or investment advice
Which cryptocurrencies you decide to invest in boils down to your timeline and risk tolerance. Make sure not to mix up market cap with price potential, and always do your own research.
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome
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