More Users Turning to Crypto as a Payment Method – Accenture
Giant consulting firm Accenture’s 2022 Payments report has revealed that more users are turning to virtual assets as a payment method. This is despite the unstable condition of the crypto market over the past year.
The future is digital, even for face-to-face payments.”
Next-Gen Payment Options on the Rise
56% of the survey respondents revealed that they used digital wallets to process transactions over five times a month. Users in the Asia-pacific region were in the lead regarding their use of digital wallets. Accenture sought to explain this;
Adoption of next-generation payment methods varies by region due to regulation and competition. Asia-Pacific and Latin America are early adopters, while North American and European consumers prefer cash, card, and bank transfers.”
Customers on the Hunt for Quicker, More Affordable Options
The survey also revealed widespread consumer frustration with existing physical and virtual options for payments. Users have reportedly encountered issues such as slow operations and failed transactions. Another barrier for customers is that merchants do not always accommodate their chosen payment methods.
As such, Accenture claims they are more open to faster, cheaper, and more convenient options. Consumers are reportedly seeking ways to “pay anywhere, anytime, anyhow.” Per the report, cryptocurrencies may fall under this category.
Crypto Curious Customers
Accenture reports that one out of every five customers now holds cryptocurrency. 28% of the aforementioned crypto holders reportedly opted for digital currencies looking at them as a long-term investment. Meanwhile, 22% explained that they adopted crypto because they were curious about the asset class.
Consumers also claimed to have turned to crypto for cross-border payments, as there are less restrictions to navigate.
Consumers are eager to adopt streamlined solutions that offer flexibility, speed, and ease of use, without sacrificing security. According to the survey, security is a key advantage of digital wallets,” Accenture noted.
As stated earlier, the growth in interest comes despite the turbulence of the last few months. The FTX crash, alongside the Terra collapse and other events, has shaken user faith in the crypto space. Accenture acknowledged this in the report stating that these events could slow the rate at which consumers venture into crypto.
A better regulatory structure could improve the situation, says the firm.
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Filed under: Bitcoin - @ December 21, 2022 2:24 pm