As a result of Mastercard’s New Payment Index survey entitled ‘Consumer Appetite for Digital Payments Takes Off’, 40% of the respondents – from more than 15,500 people from 18 different markets across the globe, are agreeing to use cryptocurrency as an alternative form of payment in the year ahead. Mastercard saw a big leap in the number of contactless transactions more so during the pandemic, thus the development of contactless payment options like biometrics, QR codes, and digital currencies becomes essential.
The result of the survey showed that millennials are more involved in cryptocurrencies, particularly in today’s situation, as they see cryptocurrency as an efficient way for an easy, low-cost transaction, and as a source of income.
The credit card giant reported that 77% of millennials are intrigued and want to know more about crypto, while 75% agree they might use digital currency if they understood them better. Mastercard stated that ” While consumer interest in floating cryptocurrencies such as BTC is high, work is still required to ensure consumer choice, protection, and regulatory compliance.”
Furthermore, Mastercard began the Star Path program on May 3, which is a three months’ accelerator program for chosen fintech startup businesses. The companies included in the program will have access to Mastercard’s most sought-after expertise, technology and resources. This movement is another way to help businesses meet the people’s demand for a contactless transaction.