Study: 45% of consumers will switch to payments in cryptocurrency by 2023
The consulting company Capgemini, based on a survey conducted among clients and industry representatives from different countries, concluded about the situation of global payments – cryptocurrency payments are gaining popularity, about 45% of consumers will switch to this payment method. Analysts have studied the statistics of the Bank for International Settlements, the European Central Bank, the International Monetary Fund, the World Bank and other central banks.
At the moment, less than 10% of consumers use cryptocurrency for payments. The 45% of users predicted by analysts is expected by 2023. The increased need for international payments and the desire to avoid high transaction fees caused the indicators to start growing. According to researchers, the fastest growing and affordable payment tool is cryptocurrency credit cards.
“The instability of the cryptocurrency market indicates immaturity. Nevertheless, cryptocurrency cards occupy a leading position in the field of cryptocurrency payments, which is facilitated by global initiatives of card issuers aimed at creating an effective ecosystem of cryptocurrency payments,” the report says.
Experts consider the development of cryptocurrencies to be somewhat ambivalent, as a result of the different reactions of the governments of the countries. Countries such as Russia, India and the UAE are using the potential in the adoption and regulation of cryptocurrencies and stablecoins, while in China and Egypt cryptocurrency is banned due to the increased number of illegal transactions.
Bakkt Visa virtual debit card holders will be given the opportunity to use cryptocurrency to pay through Google Pay systems. Earlier, customers of the Australian auction house Lloyds Auctions were offered to use the opportunity to buy real estate and other goods by paying with bitcoins. El Salvador also decided to take the initiative in this matter, they decided to use bitcoin as a means of payment of the country.