Four in ten people plan to use cryptocurrency for payments within the next year. This according to a recent survey conducted by payments processing giant Mastercard.
In the survey titled ‘Consumer Appetite for Digital Payments Takes Off’ and published on May 4, more than 15,500 people across 18 countries were questioned.
According to the survey, it are particularly millennials that are engaged in the crypto space. Over two-thirds, or 67% if them confirmed that they are more open to using cryptocurrency now than they were a year ago. In addition, 77% of millennials would like to learn more about cryptocurrency. The survey also shows that 75% would use digital assets if they understood them better.
Millennials are generally classified as people born between 1982 and 2000 which means that they are currently roughly between 20 and 40 years old.
In the survey with respondents coming from all across the globe, North America, Latin America, the Middle East, Africa, and the Asia Pacific, 40% were positive on cryptocurrency and shared a willingness to start using digital assets for payments within the next year.
While consumer interest in “floating cryptocurrencies” such as Bitcoin is high, Mastercard states that full mainstream adoption is not there yet. A lot of dedicated effort is still required to ensure consumer choice, protection, and regulatory compliance.
The survey concludes that the pandemic has changed the way people think about the digital space and payments. Almost all of the respondents, 93%, will consider using at least one emerging payment method, such as cryptocurrency, biometrics, contactless, or QR code, in the next year.
Wide range of services
MasterCard Chief Product Officer, Craig Vosburg, stated the importance of enabling a wide range of options to succeed in the digital space.
“As we look ahead, we need to continue to enable all choices, both in-store and online, to shape the fabric of commerce and make the digital economy work for everyone.”
Mastercard has been following developments in crypto closely this year. It also recently announced partnering with Gemini Crypto Exchange in their cashback rewards card.
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