According to a survey conducted by credit card giant Mastercard, four out of ten people expect to use cryptocurrencies for payments in the coming year.
93% Will Consider Using Emerging Payment Methods
Between February 26 and March 10, Mastercard conducted an online survey and interviews with 15,569 consumers in 18 countries across four regions around the world. The survey, published on May 4 and titled ‘Consumer Appetite for Digital Payments Takes Off’, was conducted by Harris Poll and Mastercard Global Foresights, Insights, and Analytics.
The company explained that “The Mastercard New Payments Index, conducted across 18 markets around the world, shows 93% of people will consider using at least one emerging payment method, such as cryptocurrency, biometrics, contactless, or QR code, in the next year.” In addition, “Now, nearly 90% of in-person transactions globally take place at a contactless-enabled merchant.”
Mastercard further detailed that:
“Looking to the future, digital currencies, biometrics, contactless and QR codes are trending as emerging payments technologies as people’s comfort with them and understanding of them increases and the use of cash decreases. In fact, 71% of people say they expect to use cash less moving forward.”
Related article | Mastercard Announces ‘Fintech Express’ In Asia-Pacific Region
It was discovered that millennials are particularly interested in cryptocurrencies, with more than two-thirds (67%) agreeing that they are more open to using cryptocurrency than they were a year earlier. Furthermore, it was discovered that 77% of millennials are interested in learning more about cryptocurrencies, with 75% agreeing that they would use digital assets if they had a better understanding of them.
According to the U.S. Census Bureau, millennials are people born between 1982 and 2000 which means that their age range in 2021 is between 21 and 39 years old.
On the topic, Craig Vosburg, Chief Product Officer at Mastercard noted that the pandemic has changed the way people think with regards to digital payments. He said:
“The pandemic made us think differently, partly out of necessity. To deliver the choice and flexibility that consumers need – and increasingly expect –retailers worldwide need to offer a range of payment solutions that are easy to access and always on. 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.”
Study Comes Months After Mastercard Announced Crypto Plans
This study comes only a few months after Mastercard announced its adoption of cryptocurrency. The payments giant announced in February that it will accept digital currency payments at more than 30 million retailers and stores around the world, giving nearly one billion Mastercard users access to digital payments.
In April, Mastercard also partnered with the Winklevoss brothers’ Gemini cryptocurrency exchange to facilitate its credit card crypto reward system.
Related article | Mastercard Partners With Winklevoss’ Gemini To Launch Its Crypto Rewards Credit Card
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