A survey of giant payment network company, Visa, revealed that 30% of the merchants from Emirates, Hong Kong, Singapore, and Brazil are ready to accept payments in crypto.
Visa is a giant traditional payment network firm. In recent years, Visa has shown huge support to the crypto and blockchain industry and also started its initiative in the crypto industry, to sustain a better future in the payment system.
Visa company surveyed the companies, merchants, and individuals to figure out their stance on crypto and find out whether they are ready to go with the crypto-based payment options or not.
Survey reveals that 25% of the business are ready and also planning to go with the crypto payments like bitcoin.
Merchants from the United Arab Emirates, Hong Kong, Singapore, and Brazil showed that they are more open to go with the crypto payments option. Around 30% of the merchants claimed that they will go with crypto-based payment options in the near months.
However, the same survey found that high scale businesses are not open to go with crypto payment. Around 19% of the small businesses in the US admitted that they will follow the suit to accept crypto payments. While the same number failed to 8% for the small businesses in Canada.
Around 90% of the small businesses admitted that they were forced to go online by the pandemic situation because of COVID, to sustain the business to generate revenue through online mediums to sell the services. While 52% of businesses said that their revenue depends on the online mode only.
The use of cash is rapidly falling because reports suggested that cash and coins are the reason to spread the virus. That is why businesses needed to go with online payment methods.