A significant share of consumers are curious about digital currencies; banks and other financial firms could push them over the line
Awareness of cryptocurrencies is high, and adoption could be set to soar too according to a new international survey.
The study from Visa found that 94% of respondents have heard of cryptos, almost one third of these already own or use a cryptocurrency, and 6 in 10 of these say their use has increased in the past year.
The survey reveals that 21% of respondents are active crypto owners, 11% are passive, 11% are sceptics, and 37% are unengaged.
The biggest drivers of owning and using cryptocurrency are to take part in the “financial way of the future” (42%) and to build wealth (41%) – both forward looking motivators.
Opportunity for banks
But the big story might be the 21% of respondents who are crypto ‘curious’ as they could be persuaded by the involvement of financial institutions.
More than 8 in 10 curious consumers would be interested in buying cryptos if they were offered by their traditional bank – similar to the share of crypto owners who would do the same – a huge opportunity for banks.
Globally, nearly 40% of crypto owners surveyed report they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.
“Crypto represents a technological shift for money movement and digital ownership,” said Terry Angelos, SVP, and global head of fintech, Visa. “As consumers change their approach to investing, where they bank, and their views on the future of money, every financial institution will need a crypto strategy.”
Crypto-linked cards
Among current crypto owners, 81% express interest in crypto-linked cards, which allow you to convert and spend crypto at the retailers where you shop in the same way you can use a debit or credit card. 84% are interested in crypto rewards, which allow you to earn crypto as a reward for your card spending.
