New Study: 45% of Consumers to Use Crypto for Payments in 2023

A new study conducted by an information technology company indicates that crypto payment method adoption is primed to skyrocket. The findings suggest a significant shift in consumer behavior, with 45% of consumers projected to use crypto as a payment method in 2023.

Key Insights from the Study

This report provides an overview of the use of cryptocurrencies in payments today, insights from participants in the faster payments ecosystem, and what the future holds. Within roughly two years, the number of cryptocurrency users in the world nearly tripled. Estimates for the same year show that the world's leading countries for Bitcoin are seeing this surge reflected in payment trends.

This study presents new insights into the knowledge and understanding of cryptocurrency's continuous use and its determining factors, examining new causal links. Consumer behavior and the factors influencing cryptocurrency usage are analyzed, with a focus on speculation, algorithm trust, spending power, and demographics.

Crypto as a Payment Driver

37% of crypto users believe payments, including stablecoins, will drive mass adoption, while 54% use crypto for payments in real-world transactions. Interestingly, AI is identified by 35% as a potential catalyst for wider adoption.

Global Crypto Adoption Trends

This study examined cryptocurrency adoption’s key drivers and impacts across 37 countries. While projections often extend to 2025, this study focuses on the immediate near-term impact, specifically 2023. The Capgemini analysis shows a significant uplift in projected user numbers.

Inflation and Crypto Payments

This study found that inflation emerged as a critical factor driving crypto adoption for payments. As traditional currencies face inflationary pressures, consumers are increasingly turning to cryptocurrencies as a more stable and reliable payment option.

Is Crypto Poised to be a Leading Currency?

Is Crypto well poised to be a leading currency in the world? Read here to learn what studys say of crypto as payment mode by 2025. While longer-term predictions vary, the short-term outlook for crypto as a payment method is undeniably positive.