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45% Consumers Will Be Using Crypto Payments by 2023

Capgemini research says that increasing cross border payments will drive the surge.

Capgemini Research Institute’s research report titled World Payments Report 2021 presents the current global payments scenario and makes projections for the near future.

Crypto Payments Adoption Scaling Up

The report paints a bullish picture of the crypto industry. Currently, less than 10% of consumers use cryptocurrencies to make payments. It projects that 45% of consumers will begin using cryptocurrencies in the next 1-2 years. This adoption will be driven by consumers engaged in cross border transactions.

Presently 35% of customers are witnessing increasing cross-border payment needs. They are concerned about the higher transaction fees and a lack of standardization in global payments. Cryptocurrencies offer them a way out of these hassles.

The report also says crypto cards are also leading adoption.

Cryptocurrency market volatility indicates a lack of maturity. Still, crypto-linked cards are taking the lead in the crypto-payments space fueled by global card player initiatives to create a fertile crypto-payments ecosystem.”

Capgemini Research Institute

Many leading brands have also begun accepting crypto including PayPal, Yum brands, and Coca-Cola.

“Hazy” Outlook on Regulation

Digital Assets are taking over the world at a feverish pace, especially since the pandemic began and people switched to contactless payments. Still, their outlook is “hazy”. The reactions to their adoption have been “mixed”. Some countries like Russia, India, and the UAE are seeing their potential and plan to regulate them.

At the other end of the spectrum lie countries like China and Egypt that have imposed complete bans due to the risk of “illicit transactions”.

It also says that Central Bank Digital Currency (CBDC) may not replace “unregulated cryptocurrencies”; it’s too soon to make any prediction or assumption about this.

Cryptocurrencies have come a long way from just being a fad among computer geeks and have given rise to newer ideas. They are replacements to paper notes; even CBDCs emerged out of the same idea.

News recommendation: US May Promulgate Executive Order on Crypto Oversight

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