Mastercard Adopting Cryptocurrency?

Mastercard came out with a survey stating 40% of its survey takers were planning to use cryptocurrency within a year. The survey consisted of +15k Mastercard customers world wide and almost half are willing or plan to use cryptocurrency in the next year for transaction.

To think credit card upgrades facing tech adoption challenges is as that of cryptocurrency is actually false. In the same survey 93% of surveyors were willing to accept one or more of the following Mastercard's new features:

✓ QR Code
✓ cryptocurrency
✓ biometrics
✓ contactless

Millennials and third world nations in Africa and Middle East is has about 67% responding in interest of some form of cryptocurrency. With Millennials rapidly becoming the age group that will be most dominate in global spending for the decade to come it will be interesting to see how this all plays out for cryptocurrency.

Sadly even with all the interest toward cryptocurrency Mastercard is a step behind in implementing full scale use of the technology.

“While consumer interest in cryptocurrency - especially floating digital currencies such as bitcoin - is high, work is still required to ensure consumer choice, protection, and their regulatory compliance,” according to Mastercard New Payments Index.

(Example of contactless transaction)

However daily life routines may be forcing Mastercard and other companies to accelerate its process in the use of new technology when it comes to transaction. In the first quarter of 2021 the post-pandemic has caused contactless transactions to rise 50% more than the first quarter of 2020. With external forces of nature driving how consumers are spending the companies are sure to follow.

None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!