Less than 1 percent of Australians have used crypto for payments in 2019

Wednesday 25 March 2020 10:36 CET | News

Less than 1% of Australian citizens have used cryptocurrency to make consumer payments in 2019, a survey by the Reserve Bank of Australia (RBA) has shown.

Though some Australian authorities have recognised crypto as a form of investment, it looks like digital assets like Bitcoin are not popular as a payment method. Still, the survey revealed that over 80% of the people were aware of crypto utility, possibly due to the country’s active involvement in blockchain development.

This data is based on an RBA study that aggregated results from 1,100 participants and was conducted in October and November 2019. The survey aimed to find out more information about local payment preferences. The survey showed that Australian consumers are increasingly using electronic payment methods, as per the RBA.

Furthermore, the findings revealed that crypto payments are the third most familiar alternative payment method following ‘buy now, pay later’ services and ‘tap and go’ mobile payments. The RBA noted that many Australians are aware of cryptocurrencies as a payment method than services like in-app mobile payment, AliPay, or WeChat Pay.

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Keywords: AliPay, WeChat Pay, mobile payments, RBA, cryptocurrency, Rsserve Bank of Australia, Australia, survey
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Australia
This article is part of category

Blockchain & Cryptocurrencies