- According to a Mastercard survey, 4 in 10 people intend to use cryptocurrency as a means of paying for services within the next year.
- People between ages 21 to 39 are most absorbed by the emerging crypto innovation.
- Businesses need to adopt new payment methods to meet consumers’ demand, Mastercard believes.
The survey was conducted through online interviews among 15,569 consumers in 18 countries and in four global regions – North America, Latin America and the Caribbean, the Middle East and Africa, and the Asia Pacific.
Entering the Post-Pandemic World
The pandemic compelled people to give up all the non-contactless traditional payment methods, and alternatively, made people shift to more modern, contactless, fast, and flexible solutions. Now, about two years later, Mastercard reports that the mainstream interest in emerging technologies is surging, particularly in the digital and crypto ecosystem.
93% of people aim to try at least one of the emerging payment methods, which includes cryptocurrency, QR code, and biometrics within the next year, according to the survey. More than two-thirds (63%) declared that they have utilized a new payment method they would not have used under normal circumstances.
Craig Vosburg, Mastercard’s Chief Product Officer, stated that the pandemic made us look for new solutions, mostly out of necessity. He continued to say, “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.”
According to Mastercard, consumers of all ages appreciate being able to spend crypto-assets for standard everyday purchases, especially Millennials – people between ages 21 to 39 in 2021. About 67% of the Millennials all over the world reveal that they are now more open to cryptocurrency compared to the past. Moreover, 77% of Millennials want to understand cryptocurrency and 75% admit they would use cryptocurrency if they knew it better.
Businesses Continue to Evolve
Mastercard believes that businesses need to adopt emerging payment methods to meet their consumers’ demands. The survey states that 68% of customers prefer retailers that allow the latest payment methods.
Earlier this year, Mastercard announced that it will bring cryptocurrencies as payment on its network, facilitating one billion of its users to pay at more than 30 million merchants using cryptocurrency.