MasterCard survey shows growing demand for cryptocurrency payments

MasterCard has released a survey result that shows consumers have growing demands for digital payments.

The MasterCard New Payment Index has revealed that more than 93% of consumers are leaning towards the consideration of “other payment methods” that include biometrics, digital currencies, and QR codes.

According to BlockchainNews, with regard to the possible reason behind the development, the Chief Product Officer (CPO) of the company, Craig Vosburg said, “the pandemic made us think differently, partly out of necessity.”

Because of the effects of the COVID-19 pandemic, there have been significant changes in the consumption and payment habits of consumers. In fact, 90% of in-person transactions worldwide took place at contactless-enabled merchants. Moreover, almost all merchant categories have increased in contactless transactions for the first quarter of the year.

What the survey revealed

There were 15,570 consumers from 18 countries in four regions of the world that served as the subjects of the survey.

Results have shown that in North America, Latin America and the Caribbean, the Middle East and Africa, and the Asia-Pacific regions, four out of 10 (40%) people said they are planning to use cryptocurrencies next year.

More than 67% or two-thirds of the survey population said they prefer using cryptocurrencies over cash.

Meanwhile, people born between 1982 and 2000, collectively known as “millennials”, represented a sizable portion of the survey.

Into the crypto adoption

Early this year, MasterCard had shared its plans to allow cardholders to transact some digital currencies directly on its network.

Because of the move, the credit card company is poised to join the list of a number of major companies that have considered and announced a similar offer for their customers.

MasterCard has also forged a partnership with the Central Bank of The Bahamas and local mobile payment service provider Island Pay in order to provide the residents there more flexibility in using the Sand Dollar, the digital currency of the Bahamas.

 

Image courtesy of Cointelegraph News/YouTube

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