August 14, 2022
  • August 14, 2022

Singapore Pet Shop Accepts Cryptocurrency

By on June 27, 2022 0

In recent months, a number of businesses in Singapore have embraced cryptocurrencies as they have become more popular around the world. At Kibbles, market interest is high based on the volume of requests it has received, but the store admits that actual usage or payment made in cryptocurrency is still very low (2.5% of sales total) since they officially made it a payment option in April of this year.

Owners of crypto-enabled pets can purchase from Kibbles brands such as Temptations, Acana, Royal Canin, Orijen, Greenies, Kong, Unicharm, Feline Natural, Kit Cat and others using one of these popular cryptocurrencies: Bitcoin, Ethereum, Litecoin, Dogecoin and USD Coin.

According to a recent Agriculture and Agri-Food Canada report, Singapore’s cat and dog populations increased by CAGR of 5.2% and 0.6% respectively, from 2016 to 2020. Cat and dog populations will respectively reach 93,000 and 114,200,000 in 2025, according to the report. Presumably, their owners also own digital coins.

In October, a poll by Finder.com found Singapore with the sixth highest rate of cryptocurrency ownership among nearly 41,000 people from 22 countries. The survey estimates that 16% of Singaporean adults own cryptocurrency, with men slightly ahead of women. Also, their cryptocurrency of choice is Bitcoin, which is held by 66.7% of Singaporean cryptocurrency owners. Ethereum (52.4%) and Cardano (23%) are the next favorites.

Finder.com’s survey also revealed almost similar cryptocurrency adoption rates among neighboring countries, Singapore (15.6%), Hong Kong (16%), Indonesia (17%), Malaysia and Australia (18% each). The country with the largest cryptocurrency user base is Nigeria, with 25% of its adults now using it.

Stores like Kibbles believe that digital currencies are not going away, so businesses need to adapt to this change. Even governments are getting more involved now, with the Monetary Authority of Singapore (MAS) stating, “The digital asset ecosystem includes a whole range of crypto-related services, and we are working hard to create an enabling environment for development of these activities in Singapore. .”

Mastercard, which conducted its own cryptocurrency survey, found that 45% of consumers in the Asia-Pacific region plan to use digital coins within the next year, which is above the global average. by 40%. The US payments leader recently partnered with three digital asset platforms in Asia to issue payment cards that will allow consumers in the region to convert bitcoin and other cryptocurrencies into fiat currencies.

Alma Buelva is a journalist from the Philippines. When she’s not writing about business and technology, she spends her time caring for animals and writing about them as well.