Cryptocurrency payments are one of the four important emerging payment methods, and 45% of customers surveyed plan to use it in non-cash transactions over the next 2 years, a news report report from the IT consulting firm Capgemini show.
According to the report, less than 10% of those polled in a survey of 6,300 customers and 210 payments managers around the world said they used cryptocurrencies to make payments. However, the payment method was still included as an “emerging payment method” which the company says nearly half of all customers will use in the next 1-2 years.
Besides cryptocurrency, the emerging payment methods highlighted by Capgemini were ‘buy now, pay later’ credit card options, ‘invisible payments’ technologies used by automated convenience stores like Amazon Goand “biometric payments” which use fingerprints or facial recognition to approve payments.
Judging by the report’s findings, around 35% of customers are already struggling with traditional payment methods due to an increase in cross-border payment needs. In addition, many are also concerned about the high transaction fees on their payments, as well as the lack of standardization of international payments, according to the report.
Commenting on actions taken by merchants and businesses to address the challenge of simplifying payments for customers, the report noted that cryptocurrency payments are increasingly common.
“Cryptocurrency payments are becoming an increasingly popular alternative option among businesses, although current adoption is nascent,” the report says. He went on to mention Pay Pal and Miam brands as companies that have already started supporting crypto, and eBay as an example of a company that “actively explores the possibilities”.
But although interest in cryptocurrencies is already on the rise, Capgemini noted that it views the volatility of this market as a sign that the crypto market is not yet mature.
“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 concludes.
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