Digital, Crypto Payments Key to Small Business Growth in 2022 – Visa

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According to a survey conducted by US payments giant , 73% of small businesses surveyed said accepting digital payments was a key factor in their growth in 2022. 24% of them are interested to enable cryptocurrency payments.

This is why 59% of small businesses (SMBs), surveyed, said that they are using digital payments already or plan to use it in the next two-years. This is consistent with the general consumer approach. 41% of those surveyed agreed, per visa.

An overwhelming 82% of SMBs polled said they would accept digital options in 2022. 73% of respondents see the acceptance of new forms of payment as essential to their business growth. Visa stated that 24% of those surveyed said they would accept digital currencies, such as the cryptocurrency Bitcoin.

90% of the businesses surveyed said that their pandemic survival was due to increased sales online. Some of the changes made during the pandemic are still being observed, as is increased use digital payments.

Jeni Mundy, Global Head Merchant Sales and Acquiring, Visa, commented on the findings of the survey. She said that payments are no longer just about closing a sale. It’s about providing a seamless and secure experience that is consistent with one’s brand across channels, and which serves both the customer and the business.

She said that the digital capabilities small businesses had built up during the pandemic (from contactless to electronic commerce) helped them pivot and to survive. By continuing to build on this foundation, they can now help them grow and thrive.

According to a statement, Visa is partnering with Ethereum-focused Blockchain Software Company ConsenSys to help connect central bank digital currency ( CBDC ) networks with existing payment rails.

According to the payments giant, Visa’s network-of-network capabilities can be used to bridge new CBDC networks and existing financial ecosystems.

“Visa’s CBDC Payments Module was designed to connect CBDC networks to traditional financial service providers. Banks and issuers processors will be able to connect to the module to integrate their infrastructure, and then be able issue CBDC-linked wallet credentials or payment cards to consumers,” Catherine Gu, Visa’s Head for CBDC, said.

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