UK SME owners are starting to see cryptocurrency becoming mainstream in no longer than two years , according to a new survey by English card machine provider Paymentsense.
35% of the small business owners who answered the poll, said they believe digital currencies will be used as payment for any transaction. According to 21%, this will happen already this year. 13% already accept crypto payments but 25% are still convinced virtual currencies will never be mainstream way of payment. One of the companies that first began accepting cryptocurrency payments last year is The Tumeric Co., founded by international footballer Thomas Hal-Robson-Kanu. “Instantaneous settlements with no need for centralised third parties and fees are a big plus,” he said.
Paymentsense marketing chief Guy Moreve noted:
“It’s clear that cryptocurrencies are moving swiftly towards the mainstream. However, SME considering cryptocurrency 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 growing trend toward cryptocurrencies in the UK follows positive developments elsewhere. In San Francisco there is a startup launched this month. Litepay therefore allows retailers to accept Litecoin, settled in fiat. Litepay joins Bitpay, which last year launched a wallet app with prepaid Visa debit card integration.
Parliament considers Bitcoin’s impact on banks and consumers
Last week, Britain’s cross-party Treasury Select Committee of lawmakers on Thursday said it is launching an inquiry into digital currencies, as well as the underlying distributed ledger technology.
The probe should focus on the opportunities and risks posed to consumers, businesses and the government by the rising popularity of cryptocurrencies, the committee said in a statement.
“People are becoming increasingly aware of cryptocurrencies such as Bitcoin, but they may not be aware that they are currently unregulated in the U.K.,” said Nicky Morgan, a Conservative lawmaker and the committee’s chairwoman. “Striking the right balance between regulating digital currencies to provide adequate protection for consumers and businesses, while not stifling innovation, is crucial.”