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.