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.

G7: Facebook's Libra Shouldn't Be Launched Until Its Risks Are 'Adequately Addressed'

A report from the Group of Seven Nations (G7) has revealed some of the world’s biggest economies believe Facebook’s cryptocurrency Libra shouldn’t be launched until its potential risks as “adequately addressed.”

The report, seen by the BBC, reportedly outlines major risks posed by cryptocurrencies like Libra, and notes its backers must be legally sound, protect consumers, and make sure the cryptocurrency isn’t used to fund terrorism or launder money.

According to the BBC it doesn’t single out Libra itself, but instead refers to “global stablecoins” with the potential to “scale rapidly.” Some of the outlined risks include a potential threat to financial stability of users suffer from a sudden “loss of confidence in Libra,” as well as being a threat to policymakers’ measures.

The report, which is set to be presented to finance ministers at the IMF annual meeting, reads:

The G7 believe that no stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed

The document further adds that even if the Libra Association manages to mitigate the risks listed in it, this still doesn’t guarantee “regulatory approval for a stablecoin arrangement.” JP Morgan’s JPM stablecoin is reportedly also going to be examined.

In a separate document the Financial Stability Board (FSB), which coordinates rules for G20, noted stablecoins like Libra pose various challenges to financial stability and investor protection, among others.

In the document Randal Quarles, the chairman of the FSB, said these challenges should be “assessed and addressed as a matter of priority.” The BBC’s report comes shortly after Mastercard, Visa, and eBay join PayPal in leaving the Libra Association.

David Marcus, Facebook's executive leading the stablecoin project, rated to the news on social media:

 

 

Notably, the G7 report also acknowledges cryptocurrencies can potentially provide a faster and cheaper way to move money, as the current system can be “slow, expensive and opaque.” The first Libra Association board meeting is set to take place in Geneva on Monday.

Featured image via Pixabay.