Per a new survey conducted by Cantaloupe, more than a third of users between the ages of 18 and 54 own cryptocurrency. However, this isn’t the big clincher. The good news is that approximately 67 percent of those taking part in the study said that they are willing and able to use their digital currency for purchases if their money is linked to a mobile wallet. Another 19 percent said they would consider using crypto for payments if they could do so through a mobile wallet that’s easy to use.
Cantaloupe Spreads the Truth About Crypto Payments
CThis presents a serious push forward in the field of crypto being used for what it was initially designed for. Currencies like bitcoin have been known purely as speculative assets over the past few years, and BTC has even managed to somewhat cross into hedge tool territory. However, what a lot of people seem to forget is that these assets were initially designed to be used for payments.
Probably the reason people can forget is because the journey towards this goal has been rather slow, a main factor being they tend to be horribly volatile and shoot up and down in price without notice. This has caused many stores, retailers, and business owners to say “no” when someone comes up to them and asks if they can buy with crypto, and to an extent, we can’t blame them.
Consider the following scenario: someone walks into a store and uses bitcoin to pay for $50 worth of merchandise. For one reason or another, the store is unable to transfer that money into fiat over the course of 24 hours. During that period, the price of bitcoin falls, and that $50 turns into $40. While the customer still gets to walk away with everything they own, the store has lost profit. Is this a fair scenario? Not everyone thinks so, and thus bitcoin has remained speculative for much longer than what people have hoped for.
Stores Need to Be Ready
But per the new survey by Cantaloupe, it appears many people have not lost that initial bitcoin spirit. They see it as a valid payment tool and are ready to use it for everyday purchases granted doing so involves little strain. Sean Feenney – CEO of Cantaloupe – said in a statement:
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. 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. 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.