A year-end report from Accenture showed that despite traditional payment methods dominating many markets, consumers are curious about crypto.
Over the past year, the crypto space has seen sustained market volatility and scandals that have negatively impacted consumer confidence in the industry. However, a year-end report from Accenture revealed that consumers are still hanging on to crypto – and for the long haul.
According to Accenture’s 2022 Global Consumer Payments Report, while many consumers still prefer traditional payment methods such as cash or credit cards, one in five consumers surveyed now own cryptocurrency.
Of those who own crypto, 28% say the decision to enter the crypto space was driven by long-term investments. This is followed by 22% of consumers who said their decision to get into crypto was out of “curiosity” about the space.
Other alternative reasons related to alternative financing options and cross-border payments:
“A lack of standardization and the complexity of harmonizing rules across jurisdictions can hinder the use of CBDCs for cross-border transactions.”
The report also pointed out that the impact of recent volatility in the cryptocurrency market “could slow adoption, at least until the market becomes more regulated.”
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Currently, only 23% of respondents said they trust crypto wallets to provide a secure environment for payments and purchases.
He also mentioned Central Bank Digital Currencies (CBDCs) as an alternative payment method in the future. However, many complications still need to be resolved.
The survey reached 16,000 customers in 13 countries across Asia, Europe, Latin America and North America in August and September 2022.
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Despite the hesitations, the recent market has spawned new generation payment methods that are multiplying. These include digital wallets, crypto, biometrically authenticated payments, and metaverse payments, in addition to cash, cards, checks, and e-commerce.
The latter will come into play especially as the metaverse and interactions in digital reality become commonplace.
For now, however, the report concludes that 58% of consumers are still hesitant to transact on the Metaverse due to a lack of trust in available payment providers. That doesn’t mean consumers aren’t curious.
Another recent report from Capgemini indicates that over 90% of consumers are curious about the Metaverse and how it can transform their online experience.