Consumers are massively interested in crypto payments

Accenture Report Shows Consumer Interest in Crypto Over the past year, the crypto space has experienced extreme market volatility and the collapse of major projects, which has negatively impacted consumer confidence in the industry.. However, an Accenture report showed that a significant number of consumers still hold cryptocurrencies. According to the Accenture Global Consumer Payments 2022 report, while many consumers still prefer traditional payment methods such as cash or a credit card, one in five respondents now owns a cryptocurrency.. The study indicates that 28% among crypto holders choose long-term investments. Another 22% of consumers hold cryptocurrency because of curiosity about this area. Other reasons were related to alternative financial options and cross-border payments. “The lack of standardization and the difficulty of harmonizing rules across jurisdictions may hinder the use of CBDCs for cross-border transactions,” the study says. The report also highlights that the effects of the recent volatility in the crypto market could “slow down their adoption, at least until the market becomes more regulated.”. In addition, only 23% of respondents trust cryptocurrency wallets to provide a secure environment for payments and purchases.. They also mentioned Central Bank Digital Currencies (CBDC) as an alternative payment method in the future. However, to start using them, you have to overcome a number of difficulties.. Despite fluctuations, new payment methods have recently appeared on the market. In addition to cash, cards, checks, and e-commerce, new payment options include digital wallets, cryptocurrencies, biometric authentication payments, and metaverse payments.. However, now 58% of consumers are still hesitant to transact in the metaverse due to a lack of trust in available payment systems.. Among other things, despite the bear market and the high-profile bankruptcies of crypto companies, in 2022 the proportion of bitcoin (BTC) owned by retail investors has grown. According to analysts at Glassnode, the amount of bitcoin held by retail traders has reached a record high of 17%. Disclaimer All information contained on our website is published in good faith and objectively and for informational purposes only. The reader is solely responsible for any actions taken by him on the basis of information received on our website.