A recent survey by CoinsPaid, a company that processes cryptocurrency payments, gathered 1,506 people in Argentina, Colombia and Brazil. According to the results, 36.3% of Brazilians said they would be interested in paying for purchases in physical stores with cryptocurrencies. The survey also heard the opinion of those who are ready to make this type of payment. And in this sense, acceptance is even greater, with 63.1% of Brazilians responding that they are ready. The difference varies between which purchases they would be willing to accept. However, the research points to a great dispute between views. For example, while 36.3% would use cryptocurrencies everywhere, another 36.9% would not use them at all. That is, there is still a clear opposition between full acceptance and opposition.
Brazilians are open to paying with cryptocurrencies
The percentage of 63.1% involves all Brazilians who are ready to use Bitcoin (BTC) or other cryptocurrencies as payment. However, some respondents are more selective about spending their cryptocurrencies. As pointed out at the beginning of the text, 36.3% would use cryptocurrencies in any transaction. Another 9.1% would only use it in a store with a strong/familiar brand. For 10.6%, cryptocurrencies would only be used to purchase high-value items. Finally, 7.1% of Brazilians would spend their cryptocurrencies only on small-value purchases. And 36.9% would not use cryptocurrencies to make their purchases.
The percentage is slightly higher in Brazil’s other two neighbors in Latin America. In Argentina, 65% of respondents stated that they would be ready to use cryptocurrencies for some payments in retail stores. Those who are most open to use are Colombians, with 65.4%. On the other hand, 35% of Argentines said they would never use a cryptocurrency in physical stores and 44.5% would never use it online. In Colombia, the percentages were 34.6% and 29.3% in the two fields, respectively.
For Rafael Brunacci, Business Development Manager at CoinsPaid in Latin America, the survey brings a change of view. It shows that contrary to popular belief, people are open to using cryptocurrencies in the “real world”.
“There is an assumption among some companies that since cryptocurrencies are digital currencies, customers will only want to use them as a means of payment in the online world. However, this is clearly not the case in the rest of the world. We are finding more and more that this does not represent the retail experience in Latin America.”
The survey found – perhaps unsurprisingly – that the item respondents would most choose to use cryptocurrencies as a means of payment was home appliances (27.1%). Travel (25.8%), food (22.5%) and online games (18.8%) were also popular choices. However, respondents also signaled that there is an opportunity for retailers to improve their brand through offering cryptocurrencies as a means of payment. In Brazil, more than half (50.5%) of all respondents said they have a positive view of companies offering cryptocurrency payment services. Another 42.9% believe that the option to use cryptocurrencies created a very favorable view of the retailer. Only 37.1% said that accepting cryptocurrencies as payments would not affect their perception of the company.
Trust is an obstacle
The research identifies the main obstacles to the growth of the use of cryptocurrencies. In Brazil, 36.2% of respondents indicated confidence in the security of such a payment as something that would prevent them from using it. Simultaneously, Brazilians also said that if, when buying with cryptocurrencies, they had special discounts on products (26.8%) or greater convenience and comfort (26.3%) as possible benefits, they would feel more encouraged to choose a digital currency such as form of payment. Brunacci says the rapid growth of businesses that help companies process cryptocurrency payments is testament to individuals’ growing demand for options beyond traditional ‘fiat’ currencies.
“Some companies think that cryptocurrencies are only bought as a store of value – similar to a ‘digital gold’. In the same way that customers don’t use physical gold at checkout, retailers also don’t need to process blockchain-based coins as a means of payment. Companies that cannot give customers the option to pay with cryptocurrencies will increasingly lose sales to competitors who already accept this payment method,” Brunacci said.
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