Recent months saw a number of businesses in Singapore embracing cryptocurrencies as they become more popular worldwide. Over at Kibbles, market interest is high based on the volume of inquiries it received, but the shop admits that actual uptake or payment made in cryptocurrency is still very low (2.5% of total sales) since they officially made it as a payment option in April this year.
Crypto-enabled pet owners can purchase from Kibbles brands such as Temptations, Acana, Royal Canin, Orijen, Greenies, Kong, Unicharm, Feline Natural, Kit Cat and others using any 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 have increased by CAGRs of 5.2% and 0.6% respectively, from 2016 to 2020. The cat and dog populations will grow to 93,000 and 114,200 thousand, respectively, in 2025, the report said. 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 edging women. Also, their cryptocurrency of choice is Bitcoin, held by 66.7% of Singaporean cryptocurrency owners. Ethereum (52.4%) and Cardano (23%) are the next favorites.
Finder.com's poll also found an 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 highest cryptocurrency user base is Nigeria, with 25% of its adults using it now.
Shops like Kibbles believe digital currencies are not going away so businesses must adapt to this change. Even governments are taking more involvement now, with the Monetary Authority of Singapore (MAS) stating: "The digital asset ecosystem comprises an entire range of crypto related services, and we are working hard to enable a conducive environment for such activities to flourish in Singapore.”
Mastercard, which made its own survey on cryptocurrency, discovered that 45% of consumers in the Asia Pacific region are considering using the digital coins within the next year, higher than the global average of 40%. The U.S. payment 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.
