Sun, April 14, 2024

Consumer Payments Survey and Crypto industry in Australia

Central bank and crypto owners

One of the biggest challenges is how to determine the number of people who are using crypto to pay for various goods. It is not an easy task due to the decentralized nature of cryptocurrencies. In this situation, one of the options to gather information about the crypto owners is to conduct a survey.

Hopefully, the Reserve Bank of Australia released the results of its triennial Consumer Payments Survey (CPS). This data is useful for several factors. This survey and its results may help to learn more about the local crypto community.

Let’s have a look at the survey. It is worth mentioning that more than 1,000 respondents expressed their opinion, more precisely about 1,100.

Interestingly, consumers are largely embracing digital and alternative payments methods over cash. Unfortunately, Australians, at least most of the respondents who took part in the survey are not paying in crypto.

As a reminder, the country’s central bank conducted this survey in October and November 2019.

Crypto adoption in AustraliaConsumer Payments Survey and crypto

Importantly, according to the Consumer Payments Survey, 80% of respondents are aware of cryptocurrencies.

Furthermore, cryptocurrency is in the third place when it comes to alternative payment methods. The most popular alternative payment method is “buy now pay later”services, second place belongs to “tap and go” mobile payments.

Another negative news for the crypto companies is that crypto had the worst usage-to-awareness ratio in comparison with other forms of payment. As mentioned above, 80% of respondents knew about the cryptocurrency. However, less than 1% are using crypto to pay for goods as cryptocurrency was the least-used alternative payment method.

Last but not least, for the first time in history, the country’s central bank decided to ask questions related to cryptocurrencies as part of the Consumer Payments Survey. It will take time, but the crypto industry has the potential to become more popular in Australia.

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