Over the past year, the cryptocurrency sector has suffered from enduring market volatility and scandals that have negatively affected consumer confidence in the sector. However, an Accenture year-end report reveals that consumers are still betting on cryptocurrency for the long haul.
According to the report 2022 Global Consumer Payments From Accenture, although many consumers still prefer traditional payment methods such as cash or credit cards, one in five consumers surveyed already owns some form of cryptocurrency.
Among those who own cryptocurrencies, 28% say that the decision to enter the crypto space is due to a long-term investment. 22% of consumers say that their decision to enter the crypto market was out of “curiosity”.
Other alternative reasons were related to alternative financing options and cross-border payments:
“Lack of standardization and the complexity of harmonizing regulations across jurisdictions may prevent the use of CBDCs for cross-border transactions.”
The report also noted that the effects of recent volatility in the cryptocurrency market could “slow down adoption, at least until the market is more regulated.”
At the moment, only 23% of those surveyed say they trust cryptocurrency wallets to offer a secure environment for payments and purchases.
He also mentioned central bank digital currencies (CBDCs) as an alternative payment method in the future. However, many complications remain to be resolved.
The survey reached 16,000 customers from 13 countries in Asia, Europe, Latin America and North America in August and September 2022.
Despite the doubts, the recent market has brought to light new generation payment methods that are on the rise. In addition to cash, cards, checks, and e-commerce, this includes digital wallets, cryptocurrencies, biometric authentication payments, and metaverse payments.
The latter will especially come into play as generalize the metaverse and interactions in digital reality.
For now, however, the report concludes that 58% of consumers are still hesitant to transact in the metaverse due to a lack of trust in available payment providers. This does not mean that consumers are not curious.
Another recent report from Capgemini claims that more than 90% of consumers are curious about the metaverse and how it can transform their online experience.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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