MasterCard Survey Shows Increased Appetite For Digital Assets
- Four in ten MasterCard users said they plan to use cryptocurrencies in the next year, while 77% said they would like to know more about the asset class.
- The survey is expected to encourage businesses to expand their payment options.
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According to Mastercard’s new Payments Index, there has been a significant increase in interest in new payment technologies, which include digital currencies, biometrics, contactless, and QR codes. Cryptocurrencies are a market segment consumers have become increasingly interested in—40% of respondents across North America, Latin America and the Caribbean, the Middle East and Africa, and the Asia-Pacific region say they plan to use cryptocurrency in the next year.
Millennials in the Middle East and Africa are especially engaged in cryptocurrencies, with 67% saying they are more open to using the new asset class now than they were a year ago.
Just over three-quarters of the survey’s respondents (77%) expressed their interest in learning more about cryptocurrencies, while 75% noted they would use them if they understood it better.
With 71% of people saying they expect to use less cash moving forward, MasterCard noted that businesses might be encouraged to expand their options at checkout. The results of the survey are in line with MasterCard’s own predictions for the future of payments. Craig Vosburg, the Chief Product Officer at MasterCard, said that the company will continue to introduce variety into its payment options to deliver the choice and flexibility consumers need.
- Currently in its beta launch phase in Brazil, the Binance Card will allow its holders to make payments and purchases using 13 supported cryptocurrencies.
- Brazil has become the second country in Latin America to receive the product, following a similar announcement in Argentina in August 2022.
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- The new program will see MasterCard act as a “bridge” between Paxos and financial institutions, allowing them to offer crypto trading services to their clients.
- The payments giant will also assist institutions with regulatory compliance and security, two reasons banks cite for avoiding the asset class.
- MasterCard’s Crypto Secure software will make use of AI, on-chain data, and other sources to determine the crime risks of crypto exchanges within its network.
- It will not only improve security, but also help MasterCard’s partners stay compliant with local regulations when fighting crypto fraud.