Mastercard released a survey that found that consumer demand for digital payments has increased.
The Mastercard New Payment Index shows that more than 93% of consumers are considering innovative payment methods such as biometrics, digital currencies and QR codes.
Due to the impact of the COVID-19 pandemic, consumers have changed both their consumption and payment habits significantly. Today, nearly 90% of in-person transactions worldwide are with a contactless merchant, and contactless transactions increased in almost all merchant categories in the first quarter of 2021.
Craig Vosburg, Chief Product Officer at Mastercard said:
“The pandemic made us think differently, partly out of necessity.”
15,569 consumers in 18 countries in four regions of the world took part in the survey as a sample survey.
The data shows that four in ten people (40%) from North America, Latin America and the Caribbean, the Middle East and Africa, and the Asia-Pacific region said they would like to use cryptocurrency in the next year.
Millennials are particularly prominent among them. People born between 1982 and 2000 are collectively referred to as millennials. More than two thirds (67%) prefer its use Cryptocurrencies compared to cash compared to last year.
Additionally, it is reported that 77% of Millennials are interested in learning more about cryptocurrency, while 75% of Millennials said they will use digital assets if they have a deeper understanding of digital currency.
MasterCard stated that despite the high level of consumer interest in cryptocurrency, hard work still needs to be done to ensure consumer choice, protection and regulatory compliance for digital assets.
At the same time, Craig Vosburg believes that retailers around the world need to offer consumers as many payment solutions as possible, including cryptocurrencies, in order to ensure the flexibility of their choice in the future:
“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.”
At the beginning of 2021, Mastercard announced that it would allow cardholders to process some cryptocurrencies directly in their network. The credit card giant is therefore set to join a number of large companies that have announced such similar support.
And there was a partnership with that Central bank of The Bahamas and Island Pay, a local mobile payment service provider, to provide Bahamian citizens with greater flexibility in their transactions with the Bank of The Bahamas’ digital currency, the sand dollar.
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