Accenture has published a 2022 year-end report entitled: “Global Consumer Payments”. The report highlights the fact that many consumers prefer traditional payment systems. In this sense, they prefer to use cash or their credit cards to purchase goods and services. But that’s not all: many are interested in cryptos despite market volatility.
Nothing shakes the curiosity of consumers
Between 2021 and 2022, there has been an array of scandals in the crypto space. At the same time, volatility was high in the markets. All of this naturally shook consumer confidence in the new industry. However, the latter have not stopped being interested in crypto.
In effect, a report published recently by Accenture reveals that many consumers still own cryptos. In addition, they intend to hold the digital assets for the long term. The report states that out of 5 consumers surveyed, one person owns a crypto. 28% of crypto holders said they entered the industry to invest for the long term.
Meanwhile, 22% of crypto-owning consumers confessed that they got into the industry out of curiosity. For some of the interviewees, crypto is a alternative financial option. Others have chosen digital assets for the cross-border payments they facilitate.
Volatility Seems to Slow Crypto Adoption
Accenture’s paper also says recent volatility in the digital asset market has held back their adoption. He mentions that the effects of this volatility could slow the adoption of cryptos “until the market is more regulated“. Furthermore, only 23% of surveyed consumers trust crypto wallets for payments.
The Accenture report addresses another aspect, which is that of central bank digital currencies. It appears that CBDCs could be an alternative payment method in the future. But, for now, the report indicates that there are a lot of problems to solve on this type of digital asset.
Cryptos are on the rise as payment methods, although some consumers remain skeptical. At the same time, according to a Capgemini report, the metaverse also arouses the curiosity of more than 90% of consumers.
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