Nearly 45% of Consumers Around the World Will Use Crypto for Payments by 2023: New Study
A new study conducted by an information technology company indicates that crypto payment method adoption is primed to skyrocket in the next two years.
The Capgemini Research Institute surveyed customers and industry stakeholders around the world to provide an analysis of the world’s current payments landscape. The think tank also combed through statistics from the Bank of International Settlements, the European Central Bank, the International Monetary Fund, the World Bank, and other central banks.
Capgemini notes that less than 10% of consumers around the world currently use cryptocurrencies for payments. However, the research institute predicts nearly 45% of customers will use the emerging payment method within the next 1-2 years due to the growing need for cross-border payments in addition to concerns about high transaction fees.
Capgemini also says crypto credit cards are leading the way in terms of adoption.
“Cryptocurrency market volatility indicates a lack of maturity. Still, crypto-linked cards are taking the lead in the crypto-payments space fueled by global card player initiatives to create a fertile crypto-payments ecosystem.”
The study, however, still thinks the outlook for cryptocurrencies and stablecoins is “hazy,” citing the mixed reactions to crypto assets by governments around the world. Capgemini says Russia, India, and the United Arab Emirates see potential in the adoption and regulation of crypto assets and stablecoins. Meanwhile, the study notes other countries such as China and Egypt have moved to ban crypto assets due to the rising risk of illicit transactions.
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