More Than Half of Consumers Wish to Buy Goods Using Cryptocurrency

Kavya  |  Aug 9, 2021

According to a recent survey, over 60% of consumers polled want to buy goods using cryptocurrency as a payment mechanism. Furthermore, two-thirds of those who entered the cryptocurrency market intended to utilize the tokens for transactions.

Payments: Are Cryptocurrencies Better Than Credit Cards As Per Consumers?

PYMNTS.com, an interactive financial services platform, and BitPay, a Bitcoin service provider, polled over 8,000 American consumers to find out how they feel about utilizing cryptocurrencies as a method of payment for regular transactions.

Almost 60% of respondents said they would want to buy products and services using Bitcoin, Ethereum, or other assets daily. 

Surprisingly, 75% of Bitcoin owners purchased coins to eventually use to buy goods and services using cryptocurrencies.

In a similar poll last year, 32% said they bought digital assets because of fear of missing out (FOMO), but that figure has risen to 53% this year. 

Furthermore, 59% of non-holders indicated they want to purchase some and utilize them to make future purchases.

According to the study, the major reason consumers are interested in cryptocurrency payments is that they offer to give greater privacy and security than regular credit card transactions.

Interestingly, 30% agreed that adopting cryptocurrencies as a payment mechanism to buy goods would cause people to spend more money.

Non-holders, on the other hand, need to learn more about the asset class. 

According to the figures, 75% of respondents said they had not entered the market because they do not know "enough about cryptocurrencies, how to get them, or their tax consequences."

40% Want To Use Cryptocurrency To Buy Goods In The Coming Year

According to another MasterCard poll, the COVID-19 epidemic has prompted a spike in cryptocurrency usage, with 40% saying they are likely to utilize digital assets for payments in the next 12 months. 

As could be predicted, the younger generations were the most receptive to the concept:

“Millennials throughout the world, particularly those in the Middle East and Africa, are particularly involved in the cryptocurrency debate, with moreover half (67%) indicating that they are more receptive to utilizing cryptocurrencies than they were a year ago.

Furthermore, 77 % of millennials want to learn more about cryptocurrencies, and 75 percent said they would utilize cryptocurrency if they understood it better.”

The study says, Bitcoin was the most popular digital asset, but many users had a strong understanding of several of the altcoins as well.

 

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