
Mastercard is a New York-based financial technology company that provides payment processing products and solutions along with other related consultancy services. Most of us are using at least one Mastercard for swiping our payments and the global outreach of the company’s services is incredible. Having said that, Mastercard recently conducted a survey where it has been revealed that over two-third i.e., 67% of the millennial population is increasingly diving into the world of cryptocurrency and a majority of them are eager to learn more about the whereabouts of this digital currency.
Compared to over a year ago, Mastercard’s New Payment Index survey has found that cryptocurrencies have gained massive ground in the financial technology industry and people are talking about it as the future of fintech. Everyone is talking about the rising market share of Bitcoin, Ethereum and very recently Dogecoin. There are people who had previously invested in these cryptocurrencies at minimum rates and now their massive surge in market value is making those people millionaires overnight. Everyone loves easy money and at the moment, the easiest money-making is happening in the world of cryptocurrencies. However, it is a high risk, high reward market so one should better understand the fundamentals and complexities of market valuations and cryptocurrencies at large.
Mastercard survey shows us that 67% of millennials are now looking to invest in cryptocurrency and use this digital payment technology. A majority of young millennials are also eager to better understand cryptocurrencies before they dive into the industry. About 77% of millennials are interested in better understanding cryptocurrencies and about 75% of millennials agreed to use crypto once they understand the workings and concepts behind it, the survey reveals.
Nonetheless, the COVID-19 pandemic has been a major fuel in this increased interest of millennials in the cryptocurrency market along with other innovative technologies such as QR Codes and biometrics that are becoming increasingly popular among millennials.
The survey also revealed in its broader findings that 90% of total consumers will consider choosing at least one form of emerging financial payment technologies. As mentioned in a report by Decrypt, the COVID-19 pandemic has reportedly galvanised consumers to try new emerging payment methods to purchase their commodities.
Mastercard’s survey has proven to be phenomenally insightful and it has also factually mentioned that over 50% of consumers will avoid the business that did not support at least one electronic payment system, be it QR Codes, Cryptocurrency, biometrics or Tap and Pay.
Cryptocurrencies are indeed the future of the financial technology industry but because of their inconsistent stability in market value, the high reward and high-risk scenario does not work for everyone. Millennials will soon take over this industry as they are increasingly jumping deeper into the world of Bitcoin, Ethereum and other cryptocurrencies.