Mastercard: Cryptocurrency Among Preferred Payment Methods for Consumers

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Mastercard: Cryptocurrency Among Preferred Payment Methods for Consumers

Mastercard’s latest survey of 15,000 respondents finds that cryptocurrency and other contactless payment methods are increasingly gaining popularity among consumers in various parts of the world, including Africa, Asia Pacific, Latin America, and the Caribbean, according to a blog post on May 4, 2021.

Consumers’ Increasing Affinity for Digital Currencies

While the COVID-19 pandemic has had a devastating effect on businesses, families, and the world economy, the deadly disease has also succeeded in disrupting the payments ecosystem by encouraging stakeholders to move away from fiat currencies and look for cleaner and contactless payment methods.

According to the New Payments Index research report released by global payments giant, Mastercard, consumers, and shoppers around the world are increasingly moving towards digital and contactless payment methods than fiat currencies.

Specifically, the survey which drew online respondents from 18 markets across various jurisdictions, including Africa, the Middle East, Asia Pacific, North America, Latin America, and the Caribbean, has discovered that 93 percent of consumers are open to using at least one emerging payment method, such as cryptocurrency, by 2022.

In the same vein, 63 percent of respondents say they have tried at least one new payment method during this pandemic, while more than half of the respondents have made it clear that they would boycott businesses or merchants that do not support digital currency or electronic payments of any kind.

Bitcoin and other Cryptos Gaining Ground

Importantly, the report has also revealed that bitcoin (BTC) and other cryptocurrencies are also gaining grounds as payment options across the globe, as four in every 10  (40 percent) respondent say they plan to use cryptos in the next year, with 67 percent of the surveyed population hinting that they are more open to cryptos now than they were a year ago.

That’s not all, 77 percent of Millennials say they are interested in learning more about the workings of cryptocurrencies, while 75 percent agreed they would pay with cryptocurrency if they “understood it better.”

Commenting on the latest development, Craig Vosburg, Chief Product Officer at Mastercard reiterated that the demand for digital and contactless payment solutions has made the company think outside the box and it plans to try its best to add support for these emerging payment forms in order to satisfy its users.

“The pandemic made us think differently, partly out of necessity. To deliver the choice and flexibility that consumers need. As we look ahead, we need to continue to enable all choices, both in-store and online, to shape the fabric of commerce and make the digital economy work for everyone.”

In related news, Visa joined forces with Crypto.com earlier in April 2021 to integrate direct USDC payments through credit cards. With Mastercard’s latest bullish stance on cryptocurrency payments, it won’t be a surprise to see the firm accelerating the launch of its proposed crypto payments system.

Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.