An end-of-the-year report from Accenture showed that despite traditional payment methods dominating many markets, consumers are curious about crypto.
Over the past year, the cryptocurrency industry has seen persistent market volatility and scandals that have negatively impacted consumer confidence in the industry. However, a year-end report from Accenture found that consumers are still holding on to cryptocurrencies for the long term.
According to Accenture’s 2022 Global Consumer Payments Report, while many consumers still prefer traditional payment methods such as cash and credit cards, one in five of the consumers surveyed currently uses crypto own currency. 28% of those who own cryptocurrencies said their decision to enter the crypto space was a long-term investment. This was followed by 22% of consumers saying their decision to enter cryptocurrency was driven by “curiosity” about the space.
Alternative financial options and other reasons related to cross-border payments:
“The lack of standardization and the complexity of harmonizing regulations across
The report also notes that the impact of recent crypto market volatility “could delay its adoption, at least until the market becomes more regulated.” Only 23% of respondents said they trust their cryptocurrency wallets to provide a safe environment for their
It also mentions Central Bank Digital Currencies (CBDC) as an alternative payment method in the future. However, there are still many complex problems to solve.
This survey reached 16,000 customers in his 13 countries in Asia, Europe, Latin America, and North America in August and September 2022.
Despite our hesitation, the market is churning out the next generation of payment methods these days. These include cash, cards, checks, and e-commerce, as well as digital wallets, cryptocurrencies, biometric payments, and metaverse payments.
The latter will become especially important as metaverses and interactions in digital reality become more commonplace.
However, at this time, 58% of consumers are still reluctant to transact on the Metaverse due to a lack of trust in available payment providers, the report concludes. This does not mean that consumers are not interested.
According to another recent report by Capgemini, over 90% of consumers are curious about the metaverse and how it can transform their online experience.
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