By
Tolu Ajiboye
April 8th, 2024
According to the Mastercard survey, 4 in 10 people across Latin America and the Caribbean, North America, Asia Pacific, Middle East, and Africa are planning to turn to crypto payments within the next year.
A new survey by financial services company Mastercard Inc (NYSE: MA) shows that 40% of customers plan to use crypto for payments in the coming year. The financial company conducted the Mastercard New Payments Index across 18 markets globally. The result of the survey was published by Mastercard on the 4th of May. Titled, Consumer Appetite for Digital Payments Takes Off,” the survey result showed that several people are willing to merge into digital payments.
Consumers Settle for Digital Payments
There has been a massive shift to digital payments since the peak of the coronavirus pandemic in 2020. At the time, shoppers opted for contactless payments, moved to online shopping, and pay with their credit and debit cards instead of using fiat currencies. It was necessary to limit the use of cash to curb the speed of the deadly coronavirus. Also, stores were forced to remain shut, and retailers moved to online businesses.
Even as the pandemic eases, many still prefer online shopping to visiting physical stores. Months after the pandemic forced shoppers to adopt digital payments, research by Mastercard revealed that the “adoption of new payment technologies is rising, and consumer appetite or new, fast and flexible digital experience continues to grow.”
The Mastercard New Payments Index survey showed that 93% of the 15,500 participants prefer at least an emerging payment method. The 93% will consider using either cryptocurrency, biometrics contactless, or QR code as a patent method.
In addition, 63% of the total respondents said they had attempted a new payment method due to the unprecedented global health crisis. In this vein, business owners will have to provide digital payment options for their customers. Mastercard noted that over 50% of consumers said they would not shop with retailers who do not accept any kind of electronic payments.
The chief product officer at Mastercard, Craig Vosburg, commented on the transition to digital payments. He said:
“The pandemic made us think differently, partly out of necessity. To deliver the choice and flexibility that consumers need – and increasingly expect – retailers worldwide need to offer a range of payment solutions that are easy to access and always on.”
Mastercard: 4 in 10 People Across Different Countries to Resort to Crypto Payments
According to the Mastercard survey, 4 in 10 people across Latin America and the Caribbean, North America, Asia Pacific, Middle East, and Africa are planning to turn to crypto payments within the next year. The survey further revealed that a lot of millennials have interest in the crypto space. Also, 77% of millennials are willing to learn about crypto. Additionally, 75% declared that they would use digital assets, if they are well informed about them.
Mastercard shares are currently up 0.63% to $378.27 at the pre-market trading. The company’s stock has been surging over the past year except for its loss of 4.99% in the last five days. The company’s stock has increased 5.31% since the year began and has jumped 13% in the last three months. Also, MA has added 1.30% over the past month.
