One in five consumers trust cryptocurrencies as an alternative payment method

Interest in cryptocurrencies and digital assets continues to grow despite the volatility and uncertainty in the industry today.

According to Accenture, although banks continue to dominate the payments market with their traditional solutions, alternatives such as cryptocurrencies are gaining traction.

Consumers are turning to new, faster and more efficient payment methods to complete their transactions, the consultancy said.

In its study “2022: Global Consumer Payments”, Accenture points out that 1 in 5 consumers already own a cryptocurrency. The main reasons for the adoption of these crypto-assets are: long-term investment (28%), curiosity (22%) and speculation (21%).

However, consumers have also embraced cryptocurrencies to access a more efficient and secure alternative payment method (17%) and to make cross-border payments more reliably (12%).

To obtain these results and to know the preferences of consumers in the payment sector, the multinational consulting company conducted a survey of 16,000 citizens in 13 countries in Asia, Europe, North America and Latin America. . According to Accenture, more than half of consumers who took part in the survey said they have adopted digital payment methods because they improve their user experience.

23% of consumers trust cryptocurrencies

Despite the growth in global adoption of cryptocurrencies, its use in the payment industry remains low compared to traditional methods.

Accenture noted that the reason behind this is that most consumers continue to rely on solutions that project greater stability and security. However, the solutions offered by banks are very expensive and less effective than those offered by alternative offers. Because of this, consumers are willing to try and experiment with next-generation payment solutions, such as cryptocurrencies, to meet needs that their banks cannot meet, he said.

Currently, the 23% of respondents by the consulting firm indicated that it is willing to use alternative payment instruments such as cryptocurrencies to make its cross-border transfers and payments.

Online payments and personal purchases

One of the main uses that consumers give to cryptocurrencies, as an alternative method of payment, are online purchases and personal purchases.

According to Accenture, the 20% of consumers use these alternative means of payment to finance their online purchases. Another 9% use them as their primary form of direct, person-to-person payment.

The consultancy noted that the use of cryptocurrencies and alternative payment solutions could double over the next three years.

The Volatility of Cryptocurrency Adoption

Although cryptocurrencies continue to make their way into the payments space, Accenture believes that more extreme price volatility could affect crypto adoption.

Company analysts have also highlighted the need for regulation as an important factor in ensuring trust and driving greater consumer adoption and even incentivizing institutions to enter the cryptocurrency and digital asset industry. .