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Cryptocurrency Gaining Mainstream Interest as Payment Option: Report

Cryptocurrency Gaining Mainstream Interest as Payment Option: Report

Cryptocurrency is gaining mainstream traction among consumers who want to use it for purchases, according to a new report. Out of more than 8,000 U.S. consumers surveyed, 93% of crypto users would make purchases with cryptocurrency in the future.

Growing Number of People Want to Pay With Cryptocurrencies

A new report titled “The Cryptocurrency Payments Playbook: Cryptocurrencies Gain Momentum As A Payment Option” published by Pymnts and Bitpay shows that consumers are increasingly interested in using cryptocurrencies for payments.

“The report analyzes a census-balanced survey of 8,008 U.S. consumers who were current and former cryptocurrency owners and cryptocurrency nonowners between Feb. 8 and Feb. 23, 2021,” it details, adding:

Interest in cryptocurrency is gaining mainstream traction among consumers who would like to use it for purchases.

The study found that 93% of crypto users would consider making purchases with cryptocurrency in the future while 59% of those who have never held crypto are interested in using it to make purchases in the future.

In addition, two-thirds of users who have held cryptocurrencies purchased them to make transactions as an alternative payment method to cash or cards.

“Holders and nonholders are interested in cryptocurrency payments because of the possible enhanced privacy and security features over traditional credit card- or bank account-based payments,” the report notes, elaborating:

Reasons for interest vary depending on the transactions. Its potential to eliminate middlemen can explain the interest in using cryptocurrency for real estate purchases, for example, while the possibility of more secure and private transactions motivates purchases in the financial services or e-commerce sectors.

Furthermore, 59% of current or former crypto holders would be “very” or “extremely” interested in using cryptocurrency as a payment method if it meant they could obtain discounts.

Would you use cryptocurrency to make purchases? Let us know in the comments section below.

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