The Reserve Bank of Australia and Cryptocurrency

In the modern world, there are many ways to pay for various goods and one of them is cryptocurrency. However, due to numerous factors, many people are not aware of this fact. Unfortunately, not every store is ready to accept crypto but it doesn’t mean that it is impossible to use cryptocurrency on a daily basis.

Recently, the Reserve Bank of Australia released the results of its triennial Consumer Payments Survey (CPS). As part of the survey, about 1,100 respondents expressed their opinion. Based on this survey, it is possible to say that consumers are largely embracing digital and alternative payment methods over cash.

However, most of the respondents are not paying in crypto. Interestingly, the Reserve Bank of Australia conducted this survey in October and November 2019. The results are not promising for the crypto community.

This survey also revealed one very interesting fact about Australians and their attitude towards cryptocurrency. According to this survey, 80% of respondents are aware of cryptocurrencies. Moreover, cryptocurrency is in the third place when it comes to alternative payment methods. The first place belongs to “buy now pay later” services and the second place belongs to “tap and goes” mobile payments.

Cryptocurrency and Australian customers

As mentioned above, most of the respondents are not paying in crypto. Moreover, cryptocurrency was the least-used alternative payment method.

It is worth mentioning that crypto had the worst usage-to-awareness ratio in comparison with other forms of payment.
Despite the fact that more than 80% were aware of cryptocurrency less than 1% used crypto to pay for goods. Interestingly, for the time the Reserve Bank of Australia asked respondents about cryptocurrency.

The results of the Consumer Payments Survey show that crypto companies should work harder to make cryptocurrencies more popular in Australia. A lot of respondents have at least some knowledge about crypto and it is possible to use this factor to attract new clients.