More People Prefer to Pay With Crypto Than Cash or Payment Cards, AEVI's Survey Suggests

  • AEVI, developer of an open payments ecosystem, asked its Twitter followers which payment method - cash, devices, cards, crypto - they prefer.
  • So far, 65% have said they would use cryptocurrencies.

AEVI, a German financial services company that aims to provide a global open ecosystem of payments, asked its followers via Twitter who they think will win the “payments race” this year.

Although there are still two days left to respond to the survey, the majority of respondents, 65% so far, have said they would prefer to use cryptocurrencies over all other payment options.

"Real-World Challenges Of Everyday Transactions"

The “payments race” has been launched by Money20/20, a global event for fintechs and financial services/payments providers, and Fintech Finance, a small company that works with “prominent” executives to produce online content.

According to Money20/20, the purpose of the payments race is to increase awareness about “the real-world challenges of everyday transactions.” In order to test which “financial systems” work best, the participants in the race may only use “a single form of payment for the duration of the race to pay for their travel and expenses.”

Interestingly, AEVI’s survey results also show that credit or debit cards are still preferred by more users when paying for everyday purchases compared to paying by scanning QR codes through devices like smartphones. So far, 17% of AEVI’s survey respondents have said they would recommend using payment cards while only 10% preferred using devices for daily purchases.

XRP Preferred

Notably, AEVI’s survey also revealed that very few people prefer to pay with cash as only 7% have so far said they would still use cash for all their purchases. As CryptoGlobe reported on October 14, Wirex, a commission-free platform for buying, selling, and storing crypto assets and fiat currency with over 1.8 million users, had asked its followers which of the following cryptocurrencies they would use for the payments race: bitcoin (BTC), ethereum (ETH), ripple (XRP), litecoin (LTC).

Significantly, 81% of respondents said they would recommend using XRP, 10% preferred BTC, 6% said they’d use LTC, and only 3% wanted to use ETH for daily purchases. Weiss Ratings, LLC, a research and analysis firm for consumers and businesses, had also polled its followers by asking them if they would use BTC, XRP, Cardano (ADA), or EOS for payments.

Out of over 5,000 people who responded to Weiss’ survey, nearly three out of four, or 74%, said they would prefer paying with XRP, 13% wanted to pay with ADA, 10% with BTC, and only 3% said EOS.

Ideally, users would prefer a payment method which is cost-effective, fast, and easy-to-use. As CryptoGlobe covered on October 19, Michael Arrington, a prominent investor and the founder of TechCrunch, claimed to have transferred $50 million using XRP in a transaction that only took two seconds to process.

Blockchain.com Partners With Polkadot to Drive Adoption of Polkadot Tokens (DOT)

The Blockchain team (Blockchain.com), which offers one of the most popular crypto wallets, has announced that is planning to add support for Polkadot Network.

Luxembourg-based Blockchain's crypto wallet currently supports the following cryptoassets: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Stellar Lumen (XLM), and Paxos Standard Token (PAX).

Polkadot was announced in 2017, and it was founded by Dr. Gavin Wood (one of the co-founders of Ethereum and its former CTO), Peter Czaban, and Robert Habermeier.

The blog post by the Blockchain team published on August 20 says that the purpose of this partnership is "to accelerate the adoption and decentralization of Polkadot tokens ('DOTs') as it aims to solve the challenges of cross-blockchain interoperability and create a new paradigm for on-chain governance."

It goes on to say that after this integration has been completed, "Blockchain’s over 41M Wallets will not only be able to store, send, and receive DOTs, but also drive the network’s governance by voting on key questions like proposed amendments to the network protocol and council members."

Polkadot's approach means that rather than miners dealing with governance, users are empowered "to control and upgrade the network to adapt to market needs, without having to resort to a hard fork."

Nicolas Cary, a Co-Founder of Blockchain, made this announcement, alongside Polkadot's Gavin Wood and Robert Habermeier, at the recent Web3 Foundation Summit in Berlin:

 

Featured Image Courtesy of Blockchain