SMEs expect cryptocurrency payments to reach high street 'within two years'

20 Feb 2018

Research carried out by card payments provider Paymentsense has suggested that owners of small and medium-sized enterprises (SMEs) expect cryptocurrency payments to be a reality on the UK high street ‘within two years’.

35% of UK SME owners expect cryptocurrency payments to be made on the high street from 2020, whilst a further 21% believe that such payments will appear even earlier.

59% of business owners revealed that they would consider investing in cryptocurrency, with an additional 18% divulging that they already invest in it.

However, the research also revealed that only 13% of businesses already accept cryptocurrency payments, while an additional 25% believe that this type of payment will never become a reality on the high street.

Guy Moreve, Head of Marketing at Paymentsense, commented: ‘It’s clear that cryptocurrencies are moving swiftly towards the mainstream. However, small business owners considering cryptocurrency as a payment option should be clear about how they can integrate it with their existing financial arrangements.

‘Also, the value of unregulated cryptocurrency changes fast. Using a trusted payment processor or merchant service provider can help guard against this by allowing a swift currency exchange, and improve security processes.’