Cryptocurrency payment methods are gaining more and more popularity among consumers, Mastercard survey shows.
May 5, 2021 | AtoZ Markets – According to a study by the Mastercard New Payments Index, 93% of consumers surveyed are considering using innovative payment methods over the next year. In addition to contactless payments, these include biometric payments, QR code payments, and digital currencies.
Mastercard’s customers interest in cryptocurrencies is growing
15 569 respondents from 18 countries, located in four regions of the world, took part in the Mastercard survey. It is noteworthy that this study did not cover the inhabitants of Europe. The survey was conducted from February 26 to March 10, 2021.
Judging by the responses of people, the pandemic has accelerated the processes of society’s transition to contactless and other innovative payment methods, among which cryptocurrencies stand out. Interest in their use is perceptibly growing. So, 40% of the respondents reported their intention to use them within the next year.
Unsurprisingly, the biggest crypto enthusiasts are the younger generation, especially the Middle East and Asia. In these two regions, 67% of millennials said they were more open to cryptocurrencies than they were a year ago. In addition, 77% of millennials around the world said they would like to learn more about cryptocurrencies. At the same time, 75% agreed that they would use cryptocurrencies if they understood them better.
Mastercard invests in digitalization
It should be noted that Mastercard is not only studying the current situation in the global payment system. The company is actively promoting new payment methods.
For example, it recently added six fintech startups to its Start Path program. The goal of these new projects is to accelerate the pace of the digital economy and improve the way payments are made. Financial support from Mastercard will help these startups grow their businesses.
Moreover, not so long ago, Mastercard itself started integrating cryptocurrencies into its business system. At the end of April, the company announced plans to launch, in conjunction with the Gemini cryptocurrency exchange, its first credit card with cryptocurrency rewards for purchases. Card users will be able to receive cashback for purchases up to 3% in bitcoins or other cryptocurrencies. This initiative was another important step towards integration between payment services and cryptocurrencies.
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