Nearly 45% of Consumers Globally Will Use Crypto for Payments by 2023: New Study

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A new study by an information technology company indicates that the adoption of crypto payment methods is expected to skyrocket over the next two years.

The Capgemini Research Institute interviewed clients and industry players around the world to provide an analysis of the current payments landscape around the world. The think tank also combed through statistics from the Bank for International Settlements, the European Central Bank, the International Monetary Fund, the World Bank and other central banks.

Capgemini notes that less than 10% of consumers globally currently use cryptocurrencies for payments. However, the research institute predicts that nearly 45% of customers will use the emerging payment method in the next 1-2 years due to the growing need for cross-border payments in addition to concerns about high transaction fees.

Capgemini also claims that crypto credit cards are leading the way in terms of adoption.

“The volatility of the cryptocurrency market indicates a lack of maturity. Still, crypto cards are taking the lead in the crypto-payments space fueled by global card player initiatives to create a fertile crypto-payments ecosystem. “

The study, however, still thinks the outlook for cryptocurrencies and stablecoins is “blurry,” citing mixed reactions to crypto assets from governments around the world. Capgemini says Russia, India and the United Arab Emirates see potential in the adoption and regulation of crypto assets and stablecoins. Meanwhile, the study notes that other countries such as China and Egypt have decided to ban crypto assets due to the growing risk of illicit transactions.

Read the full report here.

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