A survey by the Reserve Bank of Australia (RBA) has revealed that less than 1 per cent of the citizens have used cryptocurrency payments as a form of transactions. However, the survey also showed that people do understand the benefits that come with cryptocurrency utility.
The bank stated that consumer payments in 2019 were made below 1 per cent in cryptocurrency. Though the Australian Government has given the green light to digital assets to be used as a form of payment, it's easy to see that bitcoin and other currencies are yet to win over people.
Based on the RBA study, the data suggest that in October and November 2019, 1,100 participants were asked about their payment preferences. While people definitely have switched to electronic payments, cryptocurrency is not in the scene much.
While the use of bitcoin is meek, and the numbers suggest an outright rejection of it, the knowledge and reach bitcoin have is massive. Almost 80 percent of people are familiar with the term crypto payments. The familiarity makes it stand third on the list behind " buy now pay later" and "tap and go" form of payment, which have been people's most desirable form of payment mode for quite some time. Crypto payments have a higher reach than its counterparts like AliPay or WeChat pay.
The number of crypto payments can be expected to surge in the coming years. The primary reason behind this could be that the Australian Government has opened the doors of blockchain adoption and is comprehensively working towards its adoption in the country. The Government appears a key fan of the technology and gimme that the people of the country, while using it less but aren't ignoramus towards it could be a sign of great things to come.
You May Also Read.