The COVID-19 pandemic changed people’s beliefs and approach to finances as they are more openly embracing digital options, including cryptocurrency payments. A MasterCard survey showed these results as 4 out of 10 people said they plan to use digital assets in the next year.
40% of People to Use Crypto?
It’s safe to say that the COVID-19 pandemic changed everyday lives. Apart from affecting people’s health severely, the coronavirus challenged their perspectives on finances. Digitalization became the most talked-about topic as people started to steer clear from physical engagements.
The global payment systems were not exempt, and a recent survey with over 15,000 people conducted by MasterCard highlights this. The US multinational financial services giant wrote that “consumers shifted their spending habits to embrace contactless tap-and-go payments and online shopping.”
Furthermore, the results indicated that 93% will consider using at least one emerging payment method, such as cryptocurrencies, biometrics, contactless, or QR code. Of those, 40% said they will choose digital assets.
Somewhat expectedly, the younger generations were most opened to virtual assets.
“Millennials globally and those in the Middle East and Africa are especially engaged in the cryptocurrency conversation, with more than half (67%) agreeing they are more open to using cryptocurrency than they were a year ago.
In addition, 77% of millennials are interested in learning more about cryptocurrency, while 75% agree they would use cryptocurrency if they understood it better.”
Although MasterCard’s research said BTC is the most popular and understood asset, it claimed that users are getting more familiar with some of the altcoins as well.
MasterCard’s Crypto Endeavors
Perhaps to respond to customers’ demands, the New York-based giant has announced several cryptocurrency-related initiatives since the start of the year. The firm’s plans to enable support for a select number of digital assets later in 2021, which actually followed a similar decision made by Visa a few weeks earlier.
Thus, millions of merchants employing MasterCard’s services will receive direct exposure to cryptocurrencies. Shortly after, the company partnered with the US crypto exchange Gemini.
As a result, the Winklevoss-run firm will introduce a credit card offering up to 3% cashback in bitcoin. The initiative saw substantial interest as over 140,000 users were on the waiting list after the announcement.