blockchain technology, Central bank digital currencies and cryptocurrencies have become a global phenomenon in recent years with the potential to significantly transform the future of money movement, payments and commerce.
But just like any other new technological innovations, perceptions, challenges and related products Cryptocurrencies are constantly evolving creating new investment opportunities, use cases and new players driving the market. And what we’ve learned recently is that regardless of the volatility of cryptocurrencies over the past year, interest in cryptocurrencies has been largely unaffected.
In fact, while there has been some reduction in crypto momentum in 2022, our new research “Crypto phenomenon: consumer attitudes and usage” reveals that cryptocurrencies and other digital currencies continue to show growth potential, as the perception of cryptocurrencies has remained largely unchanged and barriers to their use have been reduced. A recent study of Visa, which includes data from surveyed consumers in 13 markets worldwide, including Argentina, Brazil and Mexico in Latin America and the Caribbean, gives us important insights into current global attitudes and behaviors, with new data giving us insight into the future of cryptocurrencies in this digital age.
Overall, the research reveals that knowledge of cryptocurrencies It remains nearly universal, with 95% of surveyed consumers having heard of cryptocurrency, and cryptocurrency ownership rising slightly from 32% in 2021 to 34% in 2022, across all 13 markets surveyed 1 .
It is worth mentioning that participation in cryptocurrencies, In addition to having growth prospects, they are much stronger in developing markets, such as those in our region.
Actuallyinteraction with cryptocurrencies it is strongest in developing markets, with more pronounced ownership of cryptocurrencies (41%) compared to the previous year (37%). Accordingly, the share of curious consumers is higher in in emerging markets (24%) than in developed markets (13%). Namely, curious consumers have positive feelings towards cryptocurrencies and show great interest in solutions that can offer low-risk entry points.
As for the reasons for the use of cryptocurrency, the desire to create wealth and participation in the financial movement of the future remain key drivers of adoption
consumers, especially those Emerging markets. It is also important to note that almost all barriers to participating in the cryptocurrency movement, other than volatility, have significantly decreased in 2022 compared to 2021, including lack of knowledge about buying and storing cryptocurrency, concerns about losing money, and lack of laws and regulations. For non-cryptocurrency holders In developing markets, many obstacles are no longer significant, which means that we are talking about a group of consumers who have agreed to participate in this space.
Our new research also reveals that young men continue to lead cryptocurrency participation, especially in emerging markets. The main sources of information are YouTube and word of mouth. Exchange houses Created specifically for cryptocurrencies remain the preferred method of acquiring cryptocurrencies, especially in emerging markets (53%).
Banking industry i cryptocurrencies Financial institutions from all over the world are increasingly embracing this technology and we believe they can play an important role in the cryptocurrency industry.
In fact, more than half of consumers are smart consumers cryptocurrencies respondents believe that cryptocurrencies require the involvement of established financial institutions
to achieve widespread adoption, and 47% of crypto-savvy consumers are interested in going to their traditional banks to use cryptocurrency. Additionally, 44% of property owners cryptocurrency respondents in emerging markets indicate that they are likely to switch to a bank that offers cryptocurrency products in the next 12 months.
To create an ecosystem that makes cryptocurrencies more usable, Cryptocurrency related card programs and rewards can become a low-friction front door. In fact, our research shows that interest in cryptocurrency-related cards has increased among active cryptocurrency holders (87%) and curious consumers (83%) surveyed.
In case of card programs related to cryptocurrency, consumers can link their digital currency balance to the card Visa or wallet card, which can be spent at any company that accepts Visa.
Rewards in cryptocurrencies They also prove attractive as they can lead to new relationships with financial institutions and attract a lot of interest.
among surveyed consumers who already own cryptocurrencies (84%) and those who are curious (82%). In the case of rewards, the cardholder earns cryptocurrency as a reward for
expenses made with your cards.
Looking ahead, while the majority of crypto-savvy consumers surveyed view cryptocurrency as a means of building wealth, many believe that within the next 5 years, cryptocurrency will penetrate the mainstream. most types of transactions. All these perspectives help us predict that cryptocurrencies will continue to be part of the popular consciousness and will grow, especially in emerging markets, with major implications for payments, finance and trade.
As one of the largest payment networks in the world, Visa leads the way in product and solution design innovative payment systems with real-world application and
We have recently started actively exploring new approaches to smart contracts to make money and payments programmable.
For example, we believe that setting up an automatic recurring payment from our mobile banking apps or using an online bill pay service should
be done with the same simplicity on a blockchain like Ethereum, but it’s not like that. With our latest technical research, Visa presented the solution it uses
an account abstraction concept to provide self-contained wallets with the ability to make automatic recurring payments. Using the approach we introduced, dr
real world applications other than recurring payments could join the blockchain.
Source: Panama America
I am David Miller, a highly experienced news reporter and author for 24 Instant News. I specialize in opinion pieces and have written extensively on current events, politics, social issues, and more. My writing has been featured in major publications such as The New York Times, The Guardian, and BBC News. I strive to be fair-minded while also producing thought-provoking content that encourages readers to engage with the topics I discuss.
