40% Consumers Are Planning to Use Cryptocurrency, Mastercard Survey Shows

Mastercard, the US-based financial services giant, today revealed the findings of its latest survey about digital Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. The company highlighted a growing interest in cryptocurrency payments among 15,569 consumers it interviewed in 18 countries across the world.

According to the official results, 40% of consumers across North America, Latin America, the Caribbean, the Middle East, Africa, and the Asian Pacific said that they are planning to use cryptocurrency assets for payments in the next year.

Mastercard highlighted the growing popularity of cryptocurrency payments among Millennials in the Middle East and Africa as 67% of users agreed to use cryptocurrency for transactions. Around 77% of Millenials are interested to learn more about the crypto market.

“Today consumers can buy, sell and trade cryptocurrency as a commodity or investment. Consumers are also increasingly showing interest in being able to spend crypto-assets for everyday purchases. As global interest in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term as a payment method continues to accelerate, 4 in 10 people (40%) across North America, Latin America and the Caribbean, the Middle East and Africa, and the Asia Pacific say they plan to use cryptocurrency in the next year,” the official press release states.

In February 2021, Mastercard revealed its cryptocurrency plans and announced that the company is planning to support crypto payments in 2021.

Cryptocurrency Payments

Digital currencies are getting popular among users for financial transactions due to speed and a significant cost reduction. Various financial firms around the world have started accepting cryptocurrency assets for payments. Visa, a rival of Mastercard, announced in March 2021 that the company is planning to enable purchasing Bitcoin, the world’s largest digital currency, on Visa credentials. Al Kelly, the CEO of Visa, revealed that the financial services provider is working with several crypto platforms and digital wallets.

“While consumer interest in cryptocurrency, especially floating digital currencies such as Bitcoin is high, work is still required to ensure consumer choice, protection and regulatory compliance,” Mastercard added in the official announcement.