A survey by credit card giant Mastercard found that four in ten people plan to use cryptocurrency for payments within the next year.
The poll published on May 4, entitled ‘Consumer appetite for digital payments is growing‘surveyed more than 15,500 people in 18 countries.
It turned out that millennials are particularly concerned with cryptocurrencies. Over two-thirds, or 67%, agree they are more open to using cryptocurrency than they were a year ago. Additionally, it has been reported that 77% of Millennials are interested in learning more about cryptocurrency, while 75% agree that if they understood them better, they would use digital assets.
Millennials are classified by the US Census Bureau as being born between 1982 and 2000, which means that their age range in 2021 will be between 21 and 39 years old.
The step to expand access to cryptocurrencies has already begun. In mid-February, Mastercard announced that it would support digital asset payments for nearly one billion users to be used at more than 30 million merchants.
The 40% figure for general crypto usage spanned all age groups surveyed, with respondents from North America, Latin America, the Middle East, Africa, and the Asia-Pacific region.
Mastercard stated that while consumer interest in “floating cryptocurrencies” like Bitcoin is high, much work remains to be done to ensure consumer choice, protection and regulatory compliance.
The pandemic has changed the way people think about digital payments. The results show that 93% of people will consider using at least one new payment method such as cryptocurrency, biometrics, contactless or QR code in the next year.
Craig Vosburg, Chief Product Officer at MasterCard, said that going forward, the company must enable all payment methods, including cryptocurrencies:
“Looking to the future, we must continue to enable all choices, both in-store and online, to shape the fabric of trade and make the digital economy work for everyone.”
On May 3, Cointelegraph reported that the payment giant had launched an accelerator program for fintech startups that includes blockchain-based payment companies, among other things.