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.
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).
We have a remarkable community in #TeamCrypto & we want your input every step of the way for the @paymentsrace!— Wirex (@wirexapp) October 14, 2018
Our runner @maxmeilleur can only use crypto to get from NYC - Vegas
Which #crypto should his first purchase be in?#BTC #LTC #XRP #ETH #cryptocommunity #cryptotwitter
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.