Are consumers ready to embrace cryptocurrency?
Growing use of mobile banking technology and digital payments in recent years means conversation surrounding fintech stretches beyond those working in the industry.
Cryptocurrency, however, still represents relatively untested waters for the masses.
In a bid to understand consumer awareness, expert analysts at Mintel have produced a new report comparing attitudes towards crypto in the UK and the US – and discovered Americans are far more open to its potential than Brits.
Four in five British respondents said they would only trust a financial product from a regulated financial provider, while four in 10 Americans described themselves as being more interested in cryptocurrency than they were a year ago.
Consumer understanding of crypto remains problematic
Mintel’s study discovered almost half of Brits were sceptical about crypto and don’t think cryptocurrencies will become a common payment method.
Knowledge of the digital currency clearly remains an issue, with two-thirds of Brits stating they don’t understand crypto enough to use it.
Moreover, wary of taking apparent financial risks, the cost-of-living crisis in the UK has prompted consumers to play it safe and steer clear of untested industry challengers.
"Though the landscape of fintech at present is brimming with exciting and innovative new payment and banking options, the general public is reluctant and wary to engage with them,” says Adrian Reynolds, Principal Analyst at Mintel.
"This is in part owing to the cost-of-living crisis, but wariness extends beyond temporary economic circumstances. For this reason, it seems doubtful that cryptocurrency will take off in the UK in the big way that was once anticipated.
“Digital and online payments may yet become a more permanent fixture in the world of personal finance, but it looks as if it will take a bit longer for the wider banking community to come around to the idea."
Mintel’s research also delves into the changing landscape of electronic payments and examines the extent to which consumers are still using traditional payment methods.
Read the full report: Future of Finance: The Impact of Crypto & Digital Payments
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