Mastercard Explores Crypto Adoption Possibility by Assessing Public’s View through a Survey

Mastercard successfully concludes its online crypto survey and announces results that show that 90% of the surveyed consumers are interested in crypto adoption, but in a year’s time.

PayPal has successfully launched its committed crypto trading services in the US and UK as well. Meanwhile, its competitor, Visa, and Mastercard too are exploring the possibility of becoming crypto service providers soon.

For inducting crypto trade and custodial services, Mastercard’s management had allowed its team to conduct a public survey.

The survey was conducted online without meeting the respondents in person. It was announced by Mastercard that at least 15,569 respondents were surveyed regarding crypto. The respondents were told to be citizens belonging to approximately 18 different countries from the entire regions. The survey was initiated on 26 February 2021 and was concluded on 10 March 2021. However, the findings and results derived from the survey have been made public a day ago i.e. 5th May 2021.

For the successful completion of the survey, Mastercard extended its business arms with Analytics, The Harris Poll, and Insights.

As per the findings of the survey, it came to the light that 93% of the respondents wanted to join the crypto industry. They were of the view that in the next year, they want themselves to adopt alternate methods of payment processing mechanisms. They referred to several payment methods such as crypto, contactless, biometrics, and/or QR code. However, 90% of them were of the considered view that out of these four methods, they would like to explore crypto as a priority.

Mastercard’s survey further revealed that the consumers are losing interest in processing payments through cash. They think that all these four payment sources are better against cash payments. There were approximately 70% of people who were of the collective view that cashless mechanisms are safer, cost-effective, and efficient.

Survey results further proved that crypto loving population is increasing worldwide. They want to spend crypto assets for buying and selling things and engage with vendors as well.

The survey further pointed out that people from Latin and North America, Middle East, Africa, and Asia are attracting to crypto. Every four persons out of 10 from these parts want to become crypto traders. However, most of them suggested that they would like to start their crypto journey in the year 2022.

At the end of the conclusion, Mastercard concluded that there is increased interest in crypto globally in past two years. However, there is still too much work to be done by the crypto industry, which includes providing more crypto usage. In addition, risks that are associated with crypto would need to be addressed and taken care of on an immediate basis. Meanwhile, there is still a huge vacuum with regard to crypto regulation. But while preparing regulatory framework governments would need to ensure that regulations favor crypto promotion.

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