Crypto adoption amongst consumers is undoubtedly growing, but do they believe crypto can challenge the dollar, euro or yen and become a mainstream payments currency?
Statistics from Checkout.com’s Demystifying Crypto report shed light on the question.
- $2.5 billion worth of crypto payments were made through Visa’s crypto-backed card in the first fiscal quarter of 2022 alone.
- 39% of consumers believe cryptocurrencies should be used for payments, not just investment.
- 40% aged between 18 and 35 say they plan to pay using crypto in 2022. As many as 10% say they will regularly.
- Men aged 18-35 are particularly bullish, with 24% saying they plan to pay with crypto regularly in the next 12 months.
- But many consumers still approach crypto with caution. 50% think all forms of crypto are risky. And 35% believe this risk will prevent crypto from becoming mainstream payment currencies.
On the path to mainstream adoption
Crypto isn’t a mainstream payment method yet. But it might be soon. These stats show that consumer sentiment around crypto is changing, and it’s on the path to mainstream adoption.
Learn more about the future of crypto in commerce and the positives and negatives those businesses offering crypto as payment have seen in Checktout.com’s new report.
This article has been republished with permission from Checkout.com.
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