A study conducted by the Reserve Bank of Australia (RBA), Australia’s central bank, has found that less than 1% of Australians have used cryptocurrency to pay for consumer goods and services last year.
The figure was revealed in the central bank’s triennial Consumer Payments Survey (CPS), which found that out of 1,100 respondents, 80% were aware of what cryptocurrencies are, but just aren’t using them to pay for goods and services.
Conducted between October and November 2019, the study found that cryptocurrency is the third most recognized “alternative payment method,” behind only “tap and go” mobile payments and “buy now pay later” services.
While cryptocurrencies are seemingly well-recognized in the country, they had the worst usage-to-awareness ratio, with alternatives like AliPay and WeChat Pay, as well as the “Beem It” and “PayID” services beating cryptocurrencies. The RBA’s study reads:
Although many respondents had heard of ‘cryptocurrencies’, very few had used a cryptocurrency such as Bitcoin to actually make a consumer payment over the past year.
The study further found that cash use in Australia dropped in 2019, with those under 40 paying with cash in just 15% of recorded transactions. The payment method is still the most popular for those 65 and up, but has been receding among younger demographics.
It’s worth noting this was the first time the survey included cryptocurrencies. It came out was conducted shortly before Australia’s Tax Office (ATO) targeted thousands of cryptocurrency investors over undeclared profits.
Featured image via Unsplash.