Research: 45% of consumers will switch to payments in cryptocurrency by 2023

Get real time updates directly on you device, subscribe now.

According to research by Capgemini, the adoption of cryptocurrency payments will skyrocket – 45% of consumers will switch to this payment method in the next two years.

Consulting company Capgemini conducted a survey of clients and industry representatives from different countries to analyze the current situation with payments in the world. Analysts studied statistics from the Bank for International Settlements, the European Central Bank, the International Monetary Fund, the World Bank and other central banks.

As it turned out, now less than 10% of consumers use cryptocurrency for payments. However, analysts predict that this figure will increase to 45% by 2023. The reason will be the growing need for international payments and the desire to avoid high transaction fees. The researchers noted that cryptocurrency credit cards are the fastest-growing payment tools.

“The volatility of the cryptocurrency market indicates immaturity. Nonetheless, cryptocurrency cards are at the forefront of cryptocurrency payments, driven by global initiatives by card issuers to create an efficient cryptocurrency payments ecosystem, ”the report says.

Researchers believe that the prospects for the development of cryptocurrencies and stablecoins are “dim” due to the controversial reaction of governments around the world. Russia, India and the United Arab Emirates see potential in the adoption and regulation of cryptoassets and stablecoins, however China and Egypt have banned cryptoassets due to the growing risk of illegal transactions.

Recently it became known that holders of Bakkt virtual debit cards Visa will be able to pay with cryptocurrencies using the Google Pay system. Earlier this year, the Australian auction house Lloyds Auctions offered its clients to buy real estate and other goods with bitcoins. El Salvador has gone the farthest in this matter – it has accepted bitcoin as a means of payment within the country and is developing this initiative in every possible way.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.