13 August 2020
The presence of cryptocurrencies has been from a decade but its usage still remains lukewarm. The RBA report reveals that less than 1% of Australians used digital currencies in 2019 for payments.
This report was the result of the survey conducted by the Reserve Bank of Australia over 1,100 respondents. The survey shows, in spite of digital and alternative payment methods being preferred over cash but its usage as a payment medium is still a mum. The survey was conducted in October and November 2019.
There are over 80 percent of Australians who are aware of the potential of cryptocurrencies but still its usage for consumer goods is low. When respondents were asked about crypto they said that they’d heard of crypto, thus making it the third-most recognized “alternative payment method” that the bank surveyed for. Crypto ranked just behind the “buy now pay later” services and “tap and go” mobile payments.
In Australia, cryptocurrencies failed to surpass even private payment gateways like Alipay and WeChat Pay. The survey suggests that cryptocurrencies have the worst usage-to-awareness ratio by far.
The Reserve Bank of Australia states,