A recent survey by the electronic payment giant Mastercard indicates that 4 in 10 people (40%) intend to utilize digital currencies such as Bitcoin as a payment method within the next year. The figures involved in this finding spanned all ages and included residents from four regions – North America, Asia Pacific, the Middle East, Africa, Latin America, and the Caribbean.
The survey, titled “Consumer Appetite for Digital Payments Takes Off”, was conducted through online interviews among more than 15,000 consumers from 18 different countries located in four regions worldwide.
Initially forced by the pandemic lockdown, consumers shifted their payment methods to embrace innovations that enable contactless, fast, and flexible payment. Now, more than a year later, a survey from Mastercard reveals that consumer interest in new payment technologies is soaring, with an insatiable appetite for the emerging digital and crypto environment.
According to the survey, 93% of people will try at least one of the emerging payment methods – cryptocurrency, QR code, biometrics – within the next year. Almost two-thirds of respondents (63%) admit they have used a new payment method they would not have utilized if not confronted by the pandemic.
“The pandemic made us think differently, partly out of necessity,” said Craig Vosburg, Chief Product Officer at Mastercard. “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.”
The Mastercard New Payments Index stated that consumers are exhibiting huge interest in being able to use Bitcoin, with Millennials being specifically absorbed by the emerging technology. According to the survey, more than half (67%) of the Millennials globally “are more open to using cryptocurrency than they were a year ago.” Furthermore, 77% of Millennials are curious to learn more about cryptocurrency, while 75% assume they would utilize cryptocurrency only if they understood enough about it.
According to Mastercard, businesses are forced to adopt emerging payment methods in order to meet their customers’ demands. “Nearly eight in 10 respondents (79%) agree that they prefer to shop at stores that have both an in-person and online presence, and 68% noted being more excited to shop at retailers that can offer the latest payment methods,” the research entailed.
Earlier this year, Mastercard announced that it would bring cryptocurrency support to its network, enabling about one billion of its users to shop using cryptocurrency at more than 30 million merchants.