Consumers are crypto-curious —one in five own digital currency: Accenture
Over the last year, the crypto space has endured lasting market volatility and scandals, which have negatively affected consumer trust in the industry. However, an end-of-the-year report from Accenture revealed that consumers are still holding 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 card, one in five surveyed consumers now own a cryptocurrency.
For those that hold crypto 28% say the choice to enter the crypto space is due to a long-term investment. This is followed by 22% of consumers saying their choice to step into crypto was out of “curiosity” of the space.
Other alternative reasons were related to alternative financial options and cross border payments.
The report also highlighted that the effects 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 purchasing.
It also mentioned central bank digital currencies (CBDCs) as an alternative payment method in the future, however there are still many complications to be worked out.
The survey reached 16,000 customers in 13 countries across Asia, Europe, Latin America and North America in August and September 2022.
Related: Bringing community-based solutions to crypto lending can solve trust issues
Despite hesitation the recent market brought out, next generation payment methods are on the rise. In addition to cash, card, check and e-commerce, this includes digital wallets, crypto, biometric authenticated payments and metaverse payments.
The latter will
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