Study Suggests Mainstream Crypto by 2020 in the UK
Paymentsense, a card machine vendor in the United Kingdom, commissioned a study regarding crypto payments. The survey sampled 504 small business owned in 2018 between January 17th and January 21st.
The vendor asked small business owners to speculate on if they think cryptocurrencies could become an everyday form of exchange for small companies. Surprisingly, the results suggest that these owners are optimistic about the future of crypto.
The Findings of the Study:
- 35% of SBO’s expect cryptocurrency to be mainstream by 2020.
- 21% of SBO’s except cryptocurrency in-store within a year.
- 25% of SBO’s don’t think that crypto will ever be accepted in the marketplace.
- Cryptocurrency payments have been adopted by 13% of SBO’s.
- 59% of SBO’s considering investing in Crypto payments.
- Cryptocurrency investments have been made by 18% of SBO’s.
The Head of Marketing at Paymentsense, Guy Moreye stated, “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. Will suppliers or staff accept it? Can they pay local and national government agencies with it?”
Paymentsense Role in Crypto
Paymentsense for years has provided card machine solutions for small business owners. Their terminals placed into these small enterprises have modernised with the times, allowing for both Android Pay and Apple Pay. They’ve begun updating terminals to accept Samsung Pay and Google Pay as well. The ultimate goal though is to load up their terminals with cryptocurrency payment options, which is why Paymentsense conducted this study.
Paymentsense sees itself as a merchant who can hedge against the fast volatility of Bitcoin. This will be done by settling transactions promptly for clients with the lightning network. If this card machine vendor can be successful in their goal than they’ve give Bitcoin and other cryptocurrencies a much-needed face-lift in the United Kingdom market. The Paymentsense lightning network is still in its experimental stage but is quickly ramping up speed to completion.