A growing number of small and medium-sized enterprise (SME) owners in the UK believe that cryptocurrencies will become commonplace on high streets within the next two years, a new study reveals.
Payment processing group Paymentsense has found that 35% of the SME owners polled believe digital currencies will be used as payment for any transaction. According to 21%, this will happen within a year. And while 13% already accept crypto payments, 25% believe that virtual currencies will never make it to the high street.
Paymentsense marketing chief Guy Moreve said:
cryptocurrencies are moving swiftly towards the mainstream. but, small business owners considering cryptos as a payment option should be clear about how they can integrate it with their existing financial arrangements. Will suppliers or staff accept it? Can they pay local and national government agencies with it?
The study also found that business establishments in the UK were open to alternative ways of payment. Some 46% of the respondents said they had accepted different currencies, while 27% said they were involved in projects like the Liverpool, Bristol, Brixton, and Lewes pound, which were designed to boost local spending.
According to Moreve, SMEs are still bullish about the prospects of cryptocurrencies despite the latest market correction that saw Bitcoin falling to below $6,000. He added that SMEs should study integrating digital currencies into their existing financial operations, citing the abrupt changes in their value.
SMEs, large corporations looking for ways to benefit from blockchain
A separate study by Research and Markets also found that blockchain, the underlying technology for cryptocurrencies, could be utilized to bring innovations to payment systems. It added that the payment application of blockchain is expected to capture the largest market size in the coming years.
Big corporations and SMEs in the Asia-Pacific region seem to be leading the way, investing heavily in R&D to look for ways of exploiting the benefits of the technology, the study said.