Over one third of crypto-owning consumers aged 18 to 54 would shop with their digital coin.
About 67 percent of cryptocurrency owners between the ages of 18 years and 54 years old would use their digital coin in a mobile wallet to make purchases, according to a Cantaloupe Inc. study.
The digital payments company’s survey showed that consumers most likely to own crypto coin are 18 to 34.
Thirty seven percent of crypto owners are 18 to 34 years old, and 33 percent are aged 35 to 54 years old. The Cantaloupe Inc. research showed that among those who do own cryptocurrency, 67 percent would consider buying products and services with it if they could use it through a mobile wallet. Another 19 percent said that they would do so if it were an easy process all the way through.
Payment app adoption and usage has been rapidly and steadily growing. According to the results of the survey, only 14 percent of the respondents said they hadn’t used a payment app in the prior year. Among all the apps that were used, PayPal was the most popular, as 72 percent of respondents said they’d used in in the prior year. After PayPal, the next was the Cash App (32 percent), followed by Venmo (26 percent), Google Pay (21 percent), Zelle (20 percent) and Apple Pay (19 percent).
As crypto becomes more popular, more retailers are looking for ways to accept it via mobile wallet.
“With the popularity and ownership of cryptocurrency growing, it is critical that retailers find ways to accept this new form of payment, and the easiest way may be through mobile wallets,” said Sean Feeney, CEO at Cantaloupe.
“It’s not hard to imagine a world where cryptocurrency is being used to make everyday purchases using a mobile phone, whether that is at a vending machine, in a store or online,” he went on to say. “Our research shows that the needle is moving quickly, consumers are more comfortable paying with mobile apps than ever before, and it’s time for the retail industry to be ready to meet expectations of consumers who prefer crypto for payment, and begin to accept it.”
The findings Cantaloupe published about cryptocurrency and mobile wallet use were based on the results of a US consumer survey conducted by CITE Research.