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Anti-Tech Consumers Prefer Crypto Payments, Report

Fri, 10/28/2022 - 00:05
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Wahid Pessarlay
People with the least tech knowledge are mostly interested in crypto payments
Anti-Tech Consumers Prefer Crypto Payments, Report
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According to a recent report by PYMNTS, “tech-averse” consumers prefer to use cryptocurrencies for regular payments.

The report, called “Shopping With Cryptocurrency: Tech-Driven Consumers Drive Market Acceptance,” shares the main reasons people are interested in digital assets and divides them into three categories based on their tech knowledge — Basic-Tech, Mainstream, and Tech-Driven.

Source: PYMNTS
Source: PYMNTS

The survey was taken between 1,096 respondents who “hold” crypto assets at the moment or “held” it within the past 12 months.

The majority of the consumers, 52%, who used cryptocurrencies for “investment reasons” are the mainstream tech users, according to the survey. People who are tech-driven or have basic tech knowledge come second, 42.4%, and third, 36.1%, respectively.

Furthermore, 39% of the respondents from the basic-tech category were mostly interested in crypto transactions while the majority of digital asset users who have a “fear of missing out” come from the tech-driven branch. The study reads:

The mainstream consumers were by far the least interested in paying for goods and services with crypto. With just 26% favoring payments, the mainstream group was twice as interested in buying crypto as an investment — a far larger gap than the tech-friendly. The tech-averse were 3% more interested in payments than investments.

According to a U.Today report in September, more than 500 million investors might enter the crypto markets by 2030. The report noted that the fastest-growing regions are Africa and Asia.

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About the author

Wahid is an experienced writer, interested in everything decentralized since 2019.

Before joining U.Today, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.