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40% of Consumers Plan to Use Cryptocurrencies Next Year, Reveals Mastercard Survey - TCR

source-logo  thecoinrepublic.com 05 May 2021 11:44, UTC
  • Millennials are interested in using cryptocurrencies as payments, as per the survey
  • 75% of the respondents believed that they would use cryptocurrency if they had a better understanding of them

In a survey conducted by Mastercard of over 15,000 people across North America, Latin America, the Middle East, Africa, the Asia Pacific, 40% of respondents said they are keen to use cryptocurrency payments next year.

Mastercard, one of the biggest payments giants, has conducted an online survey of more than 15,000 people and found out that 40% of people are planning to use cryptocurrency by the next year.

 Mastercard’s new payment index survey

According to Mastercard’s new payment index survey, millennials are interested in cryptocurrencies and are open to learning more about it. 67% of the respondents said that they are more likely to use cryptocurrency than a year ago. 75% of the respondents believed that they would use cryptocurrency if they understood them better. 77% were keen to learn more about cryptocurrencies.

As per the survey, the interest of the consumers is floating towards especially bitcoin’s popular digital currency. But, still work is required to ensure consumer choice, protection, and regulatory compliance.

As per the survey results, around 40% of consumers from Latin America, North America, the Caribbean, the Middle East, Africa, the Asia Pacific are keen to use cryptocurrency as payments by next year.

In the survey, the growing popularity of cryptocurrency payments in the Middle East and Africa is 67%. People agreed to use cryptocurrency for transactions.

 Cash alternative was increasing

According to the survey, cash alternative was increasing among the people, and the COVID-19 pandemic has also led to consumers using new payment methods that they would not have used otherwise.

As per the official press release issued by Mastercard, cryptocurrency can be traded as a commodity or investment by consumers. They are also showing interest in using cryptos for their everyday purchases.

Mastercard in February 2021 has talked about its plan for cryptocurrency and said that the company is planning to support crypto payments from 2021.

There is no doubt that digital currencies are getting popular for quite some time now. Over the past year, bitcoin has gained much popularity. However, other cryptocurrencies are also gaining strength from the recent weeks.

Ethereum, the second most popular currency after bitcoin, reached an all-time high over the past few weeks. On Tuesday, the coin broke its record and traded at $3,500. As per the analysts, the coin will continue to reach its peak and break the $5,000 rally in the coming weeks before it slows down.

Cryptocurrencies are getting popular among users for financial transactions because of their speed and cost reduction. Many financial firms have started accepting cryptocurrency for payments. 

Visa is one such payments company that has announced in March 2021 that they will enable purchasing Bitcoin on Visa credentials. The CEO of Visa AI Kelly has also informed us that the company is looking to partner with many other crypto platforms and digital wallets.