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

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Over the past year, the crypto space has endured enduring market volatility and scandals, which have damaged consumer confidence in the industry. However, a year-end report from Accenture revealed that consumers are still holding the crypto — and for the long haul.

According to the Accentures 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 own cryptocurrency.

For those who 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 who say their choice to get into crypto was out of curiosity about the space.

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

A lack of standardization and the complexity of harmonizing regulations across jurisdictions can hinder the use of CBDCs for cross-border transactions. »

The report also pointed out that the effects of recent volatility in the cryptocurrency market could slow 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.

He also mentioned Central Bank Digital Currencies (CBDCs) as an alternative payment method in the future, but there are still many complications to be resolved.

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 Solutions to Crypto Lending Can Solve Trust Issues

Despite recent hesitations in the market, next-generation payment methods are on the rise. In addition to cash, cards, checks and e-commerce, this includes digital wallets, cryptography, authenticated biometric payments and metaverse payments.

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

For now though, the report concludes that 58% of consumers are still hesitant to transact in the metaverse due to a lack of trust in available payment providers. That doesn’t mean consumers aren’t curious.

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

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