Are consumers ready to embrace cryptocurrency?

Mintel has examined whether consumers are ready to embrace cryptocurrency
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

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.

Youtube Placeholder

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


For more insights from FinTech Magazine, you can see our latest edition of FinTech Magazine here, or you can follow us on LinkedIn and Twitter.

You may also be interested in our sister site, InsurTech Digital, which you can also follow on LinkedIn and Twitter.

Please also take a look at the YouTube playlist for our latest hybrid event, FinTech LIVE London, to learn all about the latest trends in fintech. 


BizClik is a global provider of B2B digital media platforms that cover executive communities for CEOs, CFOs and CMOs, as well as leaders in Sustainability, Procurement & Supply Chain, Technology & AI, Cyber, FinTech & InsurTech. We also cover industries including Manufacturing, Mining, Energy, EV, Construction, Healthcare and Food & Drink.

BizClik, based in London, Dubai and New York, offers services such as content creation, advertising and sponsorship solutions, webinars and events.


Featured Articles

Remote: Choosing the Right Employer of Record

Remote walks through the green flags to seek and the red flags to avoid when choosing the right employer of record (EOR) for global business expansion

FinTech LIVE London 2024: Key Themes – Part Two

We explore some of the key themes for our upcoming FinTech LIVE London 2024 event, providing you with even more reasons to join us virtually or in-person

FinTech LIVE London: Introducing Three New Speakers

FinTech LIVE London 2024 welcomes Wendy Redshaw, Joanna Pamphilis and Steve Round as the latest speakers joining the show this October

FinTech LIVE London: Group Speaker Announcement

Financial Services (FinServ)

FinTech LIVE London 2024: Key Themes

Financial Services (FinServ)

Want to Become a Media Partner of FinTech LIVE London 2024?

Financial Services (FinServ)