Mastercard Survey: 40% Plan to Pay with Cryptocurrency in the Next Year

Millennials are keen on cryptocurrencies, with 77 percent of them wanting to learn more.

Mastercard Survey: 40% Plan to Pay with Cryptocurrency in the Next Year

A survey by credit card giant MasterCard shows that 40% of people plan to pay with cryptocurrencies in the next year.

The survey, entitled “Consumer Appetite for Digital Payments Takes Off,” was released on May 4 and included more than 15,500 respondents from 18 countries.

The survey revealed that millennials are particularly enthusiastic about cryptocurrencies, with more than two-thirds (67%) saying they are more willing to use them than they were a year ago. In addition, 77 percent of Millennials are interested in learning more about cryptocurrencies, while 75 percent believe they would use digital assets if they were better informed about them.

The U.S. Census Bureau classifies millennials as those born between 1982 and 2000, meaning that in 2021 they will range in age from 21 to 39 years old.

The move to expand the use of cryptocurrencies has already begun, with MasterCard announcing in mid-February that it will support its nearly 1 billion users to pay with digital assets at more than 30 million merchants.

The 40 percent of respondents who plan to use cryptocurrency payments next year cover all age groups, and those respondents come from North America, Latin America, the Middle East, Africa and Asia Pacific.

MasterCard said that despite consumer interest in “volatile cryptocurrencies” such as Bitcoin, efforts are needed to ensure consumer payment choice and regulatory compliance, and to protect consumers.

The report also noted that the new pneumonia pandemic has changed the way people view digital payments, with survey results showing that 93 percent of people will consider using at least one emerging payment method next year, such as cryptocurrency, biometrics, contactless payments or QR codes.

Craig Vosburg, chief product officer at MasterCard, said the company needs to support all payment methods in the future, including cryptocurrencies.

“Looking ahead, we need to continue to support all payment options, whether it’s brick and mortar or online shopping, to shape the fabric of commerce and make the digital economy work for everyone.”

On May 3, Cointelegraph reported that the payments giant had launched a gas pedal program for fintech startups, blockchain-based payment companies and others.

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