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Majority of American consumers considering using crypto as payment in the future

Consumers are interested in crypto's possible enhanced privacy and security features compared to credit card or bank account-based payments.

Image by: QuoteInspector.com / Flickr

Wed, 04 Aug 2021, 09:48 am UTC

With the crypto market’s rally pushing prices to new heights, digital currencies such as Bitcoin (BTC) and Ether (ETH) became more popular as an investment class and even companies such as MicroStrategy, Square, and Tesla are holding these digital assets in their balance sheets. However, a new study shows that American consumers are also increasingly interested in using digital currencies as a means of payment.

Payments-focused publication Pymnts released the results of a study on consumer attitudes when it comes to crypto as a payment option. Titled the “Cryptocurrency Payments Playbook: Cryptocurrencies Gain Momentum As A Payment Option,” the study surveyed 8,008 Americans that include both non-crypto owners as well as former and current holders of cryptocurrencies.

Interest is particularly strong among those who hold or previously owned digital currencies with 93 percent saying that they “would consider making purchases with it in the future.” But even the majority of non-owners are interested with 59 percent saying that they are interested in using crypto to pay for purchases in the future.

The study also revealed that the reason for consumers’ increased interest in using crypto as payment is “because of the possible enhanced privacy and security features over traditional credit card- or bank account-based payments.”

The prospect of getting discounts appears to be a strong motivating factor that could nudge consumers to adopt crypto payments with 59 percent of former and current crypto holders saying that they would be extremely interested in using crypto for payments if it meant getting discounts. However, only 23 percent of non-owners say that they would be highly interested in using crypto payments if discounts were being offered.

However, there are a number of factors that are hindering the adoption of cryptocurrency among consumers. For instance, 75 percent of the survey’s respondents say that the lack of knowledge about crypto and how to obtain as well as the potential tax implications as their main reasons for not buying digital currencies.

A third (33.3%) said that their reason for not purchasing crypto is that it’s not yet mainstream or accepted enough. Meanwhile, 25.2 percent of the respondents cited price volatility and 22.4 percent do not believe crypto is a good investment.

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