A survey by credit card provider Mastercard shows that a growing number of consumers prefer using cryptocurrency when making their purchases. Mastercard’s New Payments Index polled more than 15,000 online respondents from North America, Latin America, the Asia Pacific region, The Middle East, Africa, and the Caribbean.
The study shows 40% of those polled plan to use cryptocurrencies for their purchases in the next year. It adds that millennials are most likely to shift to crypto, with the age group showing the highest interest in understanding the technology.
“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.” the Mastercard survey said.
A majority 67% of the millennial respondents said they would use cryptocurrencies. The report did not indicate the percentage of last year’s respondents in that age group. At least 75% of millenials added they would use cryptocurrencies if they had more information about them, while 77% said they want to learn more about this new mode of exchange.
Interestingly, the study claims the global Covid-19 pandemic is encouraging the adoption of crypto, with consumers looking for cash alternatives.
In a related development, eBay chief executive officer Jamie Iannone told CNBC Monday the e-commerce giant is expanding the types of payment they will accept and is looking at cryptocurrencies and non-fungible tokens (NFT) as future options.