Cryptocurrency Use in Small Business Transactions: Insights from Mumbai

Abstract

Cryptocurrencies have significantly disrupted the conventional financial landscape by offering decentralized, cross-border, and secure ways to transfer value. Despite rising interest, their use in small-scale businesses, particularly in emerging markets, hasn't been studied in depth. This paper examines how cryptocurrencies are being incorporated into small business operations in Mumbai. Based on insights from 300 local business owners, this research analyzes awareness levels, usage patterns, benefits, challenges, and the overall influence of cryptocurrency adoption. Effective business communication also plays a vital role in addressing the volatility and legal ambiguity that often surround cryptocurrencies. The goal is to support policymakers, financial leaders, and entrepreneurs in evaluating the real-world feasibility of digital currencies.