The latest survey by Mastercard shows a growing number of consumers prefer using cryptocurrency when making purchases. The polling result showed over 40% of respondents are planning to use cryptocurrencies by the next year.
Mastercard’s New Payments Index study shows that 40% of people are planning to use cryptocurrencies by next year.
Over 15,000 online respondents from North America, Latin America, the Asia Pacific region, The Middle East, Africa, and the Caribbean participated in the polling survey.
Interest in cryptocurrencies was shown amongst the younger respondents, particularly in the Middle East and Asia.
In these regions, 67% of millennials said they were more open to using cryptocurrency and were more likely to use them now compared to a year ago.
Meanwhile, 77% were keen to learn more about cryptocurrencies, Mastercard's survey showed.
The announcement read:
“While consumer interest in cryptocurrency especially floating digital currencies such as Bitcoin is high, work is still required to ensure consumer choice, protection, and their regulatory compliance.”
“Today consumers can buy, sell and trade cryptocurrency as a commodity or investment. Consumers are also increasingly showing interest in being able to spend crypto-assets for everyday purchases. As global interest in cryptocurrencies as a payment method continues to accelerate, 4 in 10 people (40%) across North America, Latin America and the Caribbean, the Middle East and Africa, and the Asia Pacific say they plan to use cryptocurrency in the next year.”
Interestingly, the study claims the Covid-19 pandemic situation is encouraging the adoption of crypto, with consumers looking for cash alternatives.
Mastercard announced at the beginning of the year that it will start allowing cardholders to directly transact some cryptocurrencies on its network. The payment giant, therefore, set to join a series of major companies that have announced similar support.
Consequently, Mastercard partnered with the Central Bank of The Bahamas and Island Pay, a local mobile payment service provider. This will provide the Bahamians with greater flexibility in their transactions using the Bank of The Bahamas digital currency, the Sand Dollar.