High-income millennials embrace crypto payments

Nearly a third of consumers say they want to use cryptocurrency to make payments in the coming years, with high earners and those struggling to live within their means leading the way.

This rather interesting combination comes from “Paying With Cryptocurrency: Can Crypto At Checkout Become A Profit Center For Merchants?”, an August report from PYMNTS and BitPay.

Either way, it’s a steady rise, with 23% of those who don’t live paycheck to paycheck saying that one of the main motivations for buying cryptocurrency is to make payments. . For those who live comfortably from check to check, that goes up to 32%, but for those who live hard from check to check, it’s 43%.

Thus, the differences are large, jumping around the points in each group.

While the same progression is observed by income level, the differences are less. A third of consumers with incomes below $50,000 plan to pay with crypto in the coming year. This rises to 32% for those earning between $50,000 and $100,000 and 36% for those earning more than $100,000.

Overall, there is a steady increase in the desire to pay with crypto as age decreases, but with one notable exception: Gen Zers are slightly less likely than their millennial counterparts to see crypto payouts in their 12-month future at 38% and 39%, respectively.

Surprisingly, 24% of seniors want to be able to make crypto payments, although almost 70% say they have no intention of making purchases with crypto. Generation X reaches 29%, and Generation Y exceeds 35%.

Then there is what people who actually own cryptocurrency want to spend.

The most interesting thing is that there is surprisingly little variation between people who want to spend in retail stores and groceries, and online gamers and those looking to pay for financial or streaming services. .

Across 10 spending categories, between 53% and 58% were interested in paying for goods and services with crypto.

Get the report: Paying with Cryptocurrency: Can Crypto at Checkout Become a Profit Center for Merchants?

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.


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