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Consumers are crypto-curious – one in five own their own digital currency: Accenture

Consumers are crypto-curious – one in five own their own digital currency: Accenture

#Consumers #cryptocurious #digital #currency #Accenture Welcome to InNewCL, here is the new story we have for you today:

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Over the past year, the crypto space has seen sustained market volatility and scandals that have negatively impacted consumer confidence in the industry. However, a year-end report by Accenture found that consumers are still holding onto crypto — and for the long-term.

According to Accenture’s 2022 Global Consumer Payments Report, while many consumers still prefer traditional payment methods such as cash or credit cards, one in five consumers surveyed now owns a cryptocurrency.

Of those who hold crypto, 28% say the decision to enter the crypto space is based on a long-term investment. This is followed by 22% of consumers who say their decision to get into crypto was out of “curiosity” about the space.

Other alternative reasons related to alternative finance options and cross-border payments.

“A lack of standardization and the complexity of harmonizing rules across jurisdictions may impede the use of CBDCs for cross-border transactions.”

The report also emphasized that the impact of recent volatility in the cryptocurrency market “could slow down their adoption, at least until the market becomes more regulated.”

Currently, only 23% of respondents said they trust crypto wallets to provide a secure environment for payments and purchases.

It also mentioned central bank digital currencies (CBDCs) as a future alternative payment method, but said there were still many complications to be resolved.

The survey reached 16,000 customers in 13 countries in Asia, Europe, Latin America and North America in August and September 2022.

Related: Adopting community-based crypto lending solutions can solve trust issues

Despite the hesitation the recent market has bred, next-gen payment methods are on the rise. This includes digital wallets, crypto, biometrically authenticated payments, and metaverse payments in addition to cash, cards, checks, and e-commerce.

The latter will especially come into play as the metaverse and interactions in digital reality become commonplace.

For now, however, the report concludes that 58% of consumers are still reluctant to transact on the Metaverse due to a lack of confidence in the available payment providers. That doesn’t mean consumers aren’t curious.

In another recent Capgemini report, over 90% of consumers are curious about the Metaverse and how it can transform their online experience.

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