Mastercard’s New Payments Index survey has found that cryptocurrencies have gained ground, while millennials are “primed” to jump into the industry, with two-thirds (67%) more open to using crypto than they were a year ago.
“As global interest in cryptocurrencies as a payment method continues to accelerate, four in 10 people across North America, Latin America, and the Caribbean, the Middle East and Africa, and Asia Pacific say they plan to use cryptocurrency in the next year,” the survey, which was conducted across 18 markets around the world, found.
There's still some way to go in educating millennials about crypto, though. Per the survey, 77% of millennials are interested in learning more about crypto, while 75% of millennials agreed that they would use cryptocurrencies if they understood them better.
But cryptocurrencies are not the only digital innovation catching the eyes of consumers. Mastercard’s survey found that other technologies, like biometrics and QR codes, are taking hold too.
Over 90% of Mastercard customers are considering using a form of emerging payments technology.
According to Mastercard, the increased interest in these technologies has been fuelled by the ongoing COVID-19 pandemic.
“As the world went into pandemic lockdown in 2020, consumers shifted their spending habits to embrace contactless tap-and-go payments and online shopping,” the statement said, adding that, “adoption of new payment technologies is rising, and consumer appetite for new, fast and flexible digital experiences continues to grow.”
Mastercard’s survey also found that over 90% of consumers will consider using “at least one” emerging payment method.
What’s more, almost two-thirds of consumers—63% to be exact—have already tried a new payment method. These consumers said they would not have made this step under “normal circumstances,” but the COVID-19 pandemic has “galvanized people to try flexible new payment options to get what they want, when they want it.”
The Mastercard survey also found that over half of consumers would avoid businesses that did not support any kind of electronic payment system. “The pandemic made us think differently, partly out of necessity,” added Craig Vosburg, chief product officer at Mastercard.