Mastercard: Crypto awareness grows globally, but more trust is needed

Worldwide 2022 New Payments Index consumer polling by Mastercard revealed that crypto payments are rising in popularity worldwide, as 93% of those surveyed have heard of cryptocurrency, and 41% have done at least one crypto-related activity in the past year. However, consumers are still looking for more stability within the industry.

Mastercard’s 2022 Global New Payments Index, a worldwide survey of more than 35,000 respondents, found broad awareness of cryptocurrencies, while payments using crypto almost doubled in the last year.

According to the survey, around 40% of global consumers interacted with crypto over the last year, with some 30% opening a crypto wallet, trading currencies (27%) or holding them as investments (29%). Furthermore, about half of global consumers agree they are interested in other uses of crypto, including making payments for everyday products (51%), or buying digital assets (49%). Meanwhile, younger users are adopting digital currencies more quickly than older generations.

However, while more than 90% of consumers know about digital currencies, most admit to only having a shallow grasp of how crypto and blockchain technology work.

The Mastercard survey revealed how the potential lack of security and stability of digital currencies is affecting consumers’ minds.

Respondents see emerging payments like crypto as less secure than using age-old cash or simply swiping a credit card. While 93% of consumers expect to make payments digitally over the next year, 53% say security plays a significant role in deciding which payment method they want to use.

Building people’s trust in the security of transactions and the value of cryptocurrencies will go a long way toward more people embracing crypto as a form of payment beyond just an investment.

Clear, consistent regulations is one of the ways to fortify trust. Overall, the survey showed that consumers agree that making sure the crypto industry is better regulated and secure would give them much greater peace of mind when it comes to investing and payments.

The survey showed that 63% of respondents feel their governments should be responsible for regulating crypto, and 59% agree they would feel more comfortable knowing digital currencies were issued and backed by a reputable organization.

Meanwhile, many consumers think their banks should get on board and offer ways to make it easier to transfer money in and out of crypto assets. Also, they would be interested in using bank cards that pay crypto rewards and want their financial institutions to give them easier access to crypto trading.

On the other hand, consumers show an overwhelming thirst for knowledge and education on how to use digital currencies safely and effectively. Even those who are already familiar with crypto claimed that they would use it more frequently if they had a better understanding of how it works.

As the crypto industry moves into its next phase, increasing education and security would be on the top of mind for all executives. Consumers are on the doorstep and curious about building trust in crypto will help them to take the next step.

Lately, Mastercard has tracked the growing customer usage of crypto. With cryptocurrencies becoming more accepted as an investment and payment method, Mastercard is taking steps to make it easier for people to transact using secure digital currencies, partnering with leading crypto firms – like Nexo and Bakkt – to issue crypto payment cards.