Cryptocurrency payments represent one out of four important emerging payment methods, and 45% of surveyed customers plan to use it when making non-cash transactions within the next 2 years, a new report from the IT consulting firm Capgemini showed.
Per the report, less than 10% of respondents in a survey covering 6,300 customers and 210 payments executives worldwide said they have used cryptocurrencies to make payments. However, the payment method was still included as an “emerging payment method” that the firm claims almost half of all customers will use in the next 1 to 2 years.
Other than cryptocurrency, the emerging payment methods highlighted by Capgemini were credit card-like “buy now pay later” options, “invisible payments” technologies used by automated convenience stores like Amazon Go, and “biometric payments” that use fingerprints or face recognition to approve payments.
Judging from the report’s findings, approximately 35% of customers are already facing difficulties with traditional payment methods due to an increase in cross-border payment needs. In addition, many are also concerned about high transaction fees on their payments, as well as a lack of standardization in international payments, the report said.
Commenting on the steps merchants and companies are taking to take up the challenge of simplifying payments for customers, the report did note that cryptocurrency payments are becoming more common.
“Cryptocurrency payments are becoming an increasingly popular alternative option among businesses, even though the current adoption is nascent,” the report said. It went on to mention PayPal and Yum Brands as firms that have already started supporting crypto, and eBay as an example of a company that is “actively exploring the possibilities.”
But although interest in cryptocurrencies is already on the rise, Capgemini noted that it sees the volatility in this market as a sign that the crypto market has not yet matured.
“Still, crypto-linked cards are taking the lead in the crypto-payments space fueled by global card player initiatives to create a fertile crypto-payments ecosystem,” the report concluded.
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