Crypto holders will pay this way if an option

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For a growing group of supporters, usable cryptocurrency is the future of payments. From privacy and security to the desire for new form factors and capabilities, this is a movement that is gathering strength in 2021 at a rate that even some big crypto cheerleaders probably weren’t expecting.

The Cryptocurrency Payments Playbook: Cryptocurrencies Gain Momentum As A Payment Option, a PYMNTS and BitPay collaboration, analyzes responses from a survey of over 8,000 U.S. consumers, current and former cryptocurrency owners, and non-owners to discover the specific drivers of bold new movements in blockchain payments.

To get straight to the point, the researchers note that up to 60% of cryptocurrency users are very or extremely interested in using cryptocurrency to make more private or secure online purchases or because they think these purchases are.

Researchers have found that people have surprisingly specific ideas about the things they want to spend their cryptocurrency on, with 40 percent of respondents interested in using cryptocurrency in real estate purchases saying they are motivated to eliminate. middlemen, and 38 percent interested in buying computers and electronics with crypto for reduced transaction costs.

Almost 40% believe that purchasing entertainment and media products using cryptocurrency would make online payments more efficient, while 36% want lower transaction costs.

Nothing cryptic about the rewards

Loyalty rewards are a powerful force in spending, and with cryptocurrency it’s no different.

According to the new Cryptocurrency Payments Playbook, 59% of current or former cryptocurrency holders would be very or extremely interested in using crypto as a payment method if it meant they could get discounts. This share rises to 65% among holders who make or have already made purchases with cryptocurrencies and decreases to 51% among those who have not. Twenty-three percent of non-holders would be very interested in paying with cryptocurrencies if offered discounts.

As cryptocurrency enters the spending realm, traders would be wise to read the signals and plan for crypto acceptance, as well as the incentives people now expect.

The researchers also found that cardholders (57%) and non-holders (21%) would use crypto for payments if the option was offered when paying online.

Filling the Gaps in Available Cryptocurrency

Given all the attention and headlines, it is baffling that there are gaps in the basic knowledge regarding obtaining cryptocurrency, as well as finding merchants who accept it for payments. .

For example, while researchers found widespread knowledge of crypto among non-holders, 75% say they don’t know enough about cryptocurrencies, how to get them, or their tax implications as reasons for never buying them. .

The second most cited reason for never buying cryptocurrency is acceptance by traders, and even among holders it’s a problem. Consumers who have cryptocurrency to spend say they’re looking for ways to spend it, according to the Playbook, with 51% of owners more likely to buy from merchants who accept cryptocurrency, and 47% of owners state that they are specifically looking for merchants who accept crypto.

Additionally, 47% of owners would likely spend more if they could use cryptocurrency.

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PYMNTS DATA: 100 HEALTH DIRECTORS REPORT USING AI TO FIGHT FRAUD, WASTE AND ABUSE

By the way: Healthcare companies lose 12% of their annual revenue to fraud, waste and abuse (FWA), but few are using artificial intelligence (AI) to solve these problems due to problems with costs. In AI In Focus: Targeting Fraud, Waste and Abuse In Healthcare, PYMNTS surveyed 100 healthcare executives to find out how AI could actually help businesses save money by limiting costly misrepresentation and false positives.

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