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40% intend to use crypto for payments in the next year: Mastercard survey

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Experts from MasterCard, the American financial services giant, shared the results of a survey of their consumers, which revealed how many users will start using cryptocurrencies in 2022.

According to the survey, about 40% of consumers plan to use cryptocurrencies next year. Note that 15.5 thousand clients of the company took part in the survey.

The greatest interest in cryptocurrencies show young people or millennials – representatives of generation Y, born after 1981.

Among other things, the survey showed that 93% of users are ready to try one of the new payment methods next year. Including biometrics, contactless payments, and cryptocurrencies. Interestingly, 63% of those surveyed admitted that they intend to resort to new payment methods due to the coronavirus pandemic.

Cryptocurrency payments. Mastercard innovations

Digital currencies are becoming popular among users for financial transactions due to their speed and significant cost savings.

Bitcoin remains the undoubted leader in popularity, although other cryptocurrencies are also gaining strength in recent weeks. Ethereum, the second most popular digital currency, broke the record again on Tuesday and traded around $ 3,500.

Various financial companies around the world have started accepting cryptocurrency assets for payments. Visa, a competitor to Mastercard, announced in March 2021 that the company plans to allow Bitcoin. The world’s largest digital currency, to be purchased using Visa credentials. Al Kelly, CEO of Visa, revealed that the financial services provider works with multiple crypto platforms and digital wallets.

In addition to payment firms, manufacturers and service providers are entering the market. Not long ago, Elon Musk announced that his Tesla now accepts cryptocurrency as payment for its cars.

As a reminder, in February 2021, Mastercard revealed its plans for cryptocurrency. It announced that the company plans to support cryptocurrency payments in 2021.

In April, Gemini crypto exchange entered into an agreement with Mastercard. To issue a credit card with the ability to receive cashback in cryptocurrencies.

On May 3, it was reported that the payments giant launched an accelerator program for fintech startups, including attracting blockchain-based payment companies.

However, Mastercard is in no hurry to make decisions. So, the company notes that it takes time to ensure choice. Protect its customers, and comply with regulatory requirements, although consumer interest in cryptocurrency is very high.

Conclusion

The cryptocurrency market surprises more and more every year. If 5 years ago most people were skeptical about virtual coins, today it is difficult to dispute the fact that the cryptocurrency market is the most promising.

Accepting cryptocurrency payments means not only expanding the number of options for receiving money from customers, but also the ability to “reach” the most progressive ones. The bonus is the versatility of the cryptocurrency, which is “the same” for buyers from all countries.

Acceptance of crypto payments means independence from traditional banking institutions and lower fees compared to traditional payment systems.

However, as we can see, for such large players as Mastercard, the issue of security and compliance with the condition of sole control of their own funds and clients’ funds certainly comes to the fore.

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