More than 60% of cryptocurrency holders are interested in using cryptocurrency for payment in order to make online purchases more private and secure.
According to the Pymnts survey of consumer preferences for payments in cryptocurrencies, most owners of crypto assets are interested in using them for payments. The study, dubbed “Cryptocurrency Payments Playbook: Cryptocurrencies Gain Momentum As A Payment Option,” analyzed data from a survey of more than 8,000 US consumers, including current and former cryptocurrency holders and those who do not own cryptoassets.
A study conducted in collaboration with BitPay showed that 93% of cryptocurrency owners are willing to consider buying with cryptocurrencies in the future, while 59% of consumers who have never owned cryptocurrencies might be interested in using them to make purchases.
Over 60% of cryptocurrency holders said they were “very” or “extremely” interested in using cryptocurrencies as a more confidential and secure way to shop online. At the same time, 23% of respondents in this group showed little interest in using cryptocurrencies for these purposes.
In addition, 57% of cryptocurrency owners would be interested in making online purchases in cryptocurrencies if such payment options are available at checkout. At the same time, almost 21% of respondents who do not own cryptocurrencies showed a similar interest.
While both holders and non-cryptocurrency respondents have expressed significant interest in payments, their prevalence is still low. According to the study, more than 50% of non-cryptocurrency survey participants “agree” or “strongly agree” that there are too few merchants now accepting cryptocurrencies for payments. Another 30% indicated that using cryptocurrencies as a form of payment will give them the opportunity to spend more than using only traditional payment methods such as credit cards.
Although the owners of cryptocurrencies want to use them for payments, many investors are still poorly versed in cryptoassets. According to a study by Oxford Risk, 21% of UK investors rate their knowledge of cryptoassets as “bad or nil”.
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