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Financial services platform PYMNTS.com recently reported an interesting finding on Americans and their take on using cryptocurrency for payments.
The survey, which comprised 8,000 American consumers, revealed that 60% of the subjects reacted positively to using crypto assets like Bitcoin Ethereum to pay for everyday goods and services. Notably, 75% of crypto holders in the survey noted that they bought cryptos to use in transactions.
In another survey in 2020, about 35% of the participants revealed that they bought digital currencies out of fear of missing out (FOMO). This year, that figure rose to 53%. Interestingly, 59% of the participants who do not currently own cryptos plan to buy some to use for purchases in the future.
The organizers of the survey revealed that the primary reason people consider crypto payment was because of the privacy and security it provides compared to traditional credit cards.
That said, 30% of the participants noted that utilizing digital currencies for everyday use would make them spend more.
Nonetheless, there is an obvious problem of people not knowing enough about the crypto industry, which has kept them away from it. According to the survey, 75% of subjects admitted that they had not bought any coins yet because they do not “know enough about cryptocurrencies, how to obtain them, or their tax implications.”
MasterCard Survey: 40% of Subjects Will Use Cryptocurrency for Purchases Next Year
Meanwhile, another survey carried out by MasterCard revealed that the COVID-19 pandemic triggered massive adoption and usage of cryptocurrency, with 40% of the survey noting that they are willing to use digital assets for payments in the next 12 months. Not surprisingly, the younger people in the study showed more openness and willingness to adopt cryptos. The survey noted that:
“Millennials globally and those in the Middle East and Africa are especially engaged in the cryptocurrency conversation, with more than half (67%) agreeing they are more open to using cryptocurrency than they were a year ago.
In addition, 77% of millennials are interested in learning more about cryptocurrency, while 75% agree they would use cryptocurrency if they understood it better.”
Finally, the research revealed that Bitcoin is the most preferred digital asset, although many consumers showed interest in some altcoins.
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