Cryptocurrency

Brazilians are moving away from the cryptocurrencies as a means of payment, according to a study

Key facts:

47% of consumers reject the cryptocurrencies as a means of payment, according to the SBVC.

The lack of confidence is the main reason for the rejection.

A recently published study by the brazilian Society of Retail Companies and Consumption (SBVC) in association with OfferWise, showed that 47% of brazilian consumers reject the cryptocurrencies as a means of payment, and only 16% maintained interest in the use of the cryptocurrencies to make payments online.

The research was published by the SBVC on the 18th of June under the title: “Overview of the means of payment in retail companies brazilian”. The data were collected from the 12 of may until the 5 of June of this year, being the focus of the study the main means of payment used by consumers and companies in the sector.

This research is the second edition, the first edition was held at the beginning of 2018.

According to the data obtained in the study, 47% of consumers reject the use of the cryptocurrencies as a means of payment, being some of the reasons for lack of confidence, lack of knowledge or lack of practice. This has led to some consumers, brazilians do not show a lot of interest in the cryptocurrencies as a means of payment.

47% of brazilian consumers reject the cryptocurrencies as a means of payment, marking a high disinterest. Source: sbvc.com.br

However, there is still a percentage of consumers who prefer, or who would like to use the cryptocurrencies as a means of payment online. This proportion of consumers represent 16% of the study participants. However, when you compare it with the data obtained in the first edition, where the proportion of consumideres who prefer the cryptocurrencies as a method of payment was 19%, it is remarkable that there has been a reduction in the interest. This shows that brazilians have moved away from the interest of the cryptocurrencies as a means of payment. However, it still remains as the payment option more popular with respect to the other methods of online payment.

This second edition of the study of the SBVC reflects that there are still 16% of brazilians are interested in paying with cryptocurrencies and shows that in the first edition was of 19%. Source: sbvc.com.br

This situation makes companies to turn their attention to other means of payment that are more likely to be accepted by the clients.

It should be noted that, of the retailers that participated in the study, none provide means of payment with cryptocurrencies. In the first edition of the study reflected that 12% of these firms were interested in offering payment options with cryptocurrencies for the next 12 months. However, in this latest edition, the data obtained reflect that 0% of the companies are interested in implementing the payment with cryptocurrencies in the next 12 months.

Retail companies changed their approach to showing that is not interested in offering payment by way of cryptocurrencies for the next 12 months. Source: sbvc.com.br

The data obtained in the study established that 70% of the retail companies of Brazil have changed their strategy, and in addition, the division between digital payments and payments through banks is in a ratio 75/25. These digital payments correspond to payment platforms (Marketplace, cash bank), QR code, digital wallets and credit cards.

Covid-19 accelerated the adoption of digital payments in Brazil

The president of the SBVC, Eduardo Terra, stated to local media that the use of the options of digital payments is presented as something positive for the country’s economy, as it increases the formalization of the market and, in turn, becomes an easier way of reaching the population desbancarizada.

The Covid-19 accelerated the digital transformation of retail companies, and the adoption of new habits by consumers.

he said Terra.

This digital transformation has led to that take into account the system of payment with cryptocurrencies, as well as the implementations of the blockchain. Last week, Criptonoticias reported that the judicial system of Brazil had implemented a new tool that allows you to expedite the locking and unlocking of values are set electronically, and that such a tool could be incorporated into the cryptocurrencies.

Also in that same week, the Fund for the Technological Development of Telecommunications of Brazil (FUNTELL), had taken the first steps to innovate with blockchain applied to the Internet of Things, with a plan of development that is estimated to have a term of only two years.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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