- Visa survey finds that 82 percent of small businesses expect that they will accept digital payments this year
- About one in four say they will begin taking cryptocurrency payments
- 46 percent of consumers say they plan to start making digital payments more often this year
Summary by Dirk Langeveld
The vast majority of small businesses will accept digital payment options this year, according to a recent survey. Nearly one in four said they plan to begin accepting cryptocurrency as a valid payment method as well.
Visa’s Global Back to Business Survey received responses from 2,250 small business owners in the United States and eight other countries, as well as from 1,000 consumers. Eighty-two percent said they expect that they will accept digital payment options in 2022, with 73 percent considering that accepting new forms of payment is fundamental to their business growth. Twenty-four percent said they plan to start accepting crypto payments this year.
A majority of small business owners said they expect their business to shift to relying exclusively on digital payments at some point in the future. Sixty-four percent said they anticipate making this shift within a decade, though 41 percent believe they will make the change within two years. Eighteen percent said they are currently operating on a cashless model.
- 90 percent of small business owners credited e-commerce with keeping their business alive during the pandemic; the average small business owner said 52 percent of their revenue in the past three months came from online sales
- 46 percent of consumers in the survey said they plan to use digital payments more often, with just 4 percent planning to use them less often
- 25 percent of consumers said they plan to shift to a completely cashless way of making payments within the next two years, while 16 percents said they are already doing so
- 41 percent said they decided against making a purchase at a store because a digital payment method was not available