Africa wants to pay with cryptocurrencies

According to a new report from Mastercard, the covid-19 pandemic has helped spread the use of cryptocurrencies, particularly in three countries in Africa - Nigeria, Kenya [...] https://www.pinterest.com/pin/1085437947660215829/

According to a new report from Mastercard, the covid-19 pandemic has helped spread the use of cryptocurrencies, especially in three countries in Africa - Nigeria, Kenya and South Africa. The document also shows that more consumers in these countries "are likely to use one new payment method in the coming year." Africa and payments: more respondents plan to pay with cryptocurrencies According to a survey conducted between February 26 and March 10, 2021, a significant number of respondents from these countries plan to use cryptocurrencies in the coming year. For example, in Nigeria, which recently banned banks from serving cryptocurrency companies, 65% of respondents plan to pay using cryptocurrencies. In contrast, about 43% of respondents from Kenya have signaled their intention to use cryptocurrencies when making payments. South Africa (41%) has the least number of consumers who plan to use cryptocurrencies in the coming year. Commenting on the growing demand for such new payment methods, Raghav Prasad, division president at Mastercard, said: Pandemic has made us think differently, partly out of necessity. To provide the choice and flexibility that consumers need - and increasingly expect - retailers around the world must offer a range of easily accessible and always-on payment solutions. Prasad adds that as long-term changes in consumer transactions and payment methods accelerate, Mastercard "will continue to work with merchants, fintechs and banking partners to rapidly innovate payment options." Kenyans are better at adapting to change According to the Mastercard survey, as many as 99% of Kenyan respondents say they would consider using new payment options such as biometric tools, digital currencies and QR codes. South Africa is not far behind with a score of 95%. When it comes to increased access to various modern payment methods, on the other hand, 96% of Kenyan consumers said they "now have access to more payment methods compared to this time last year." In both South Africa and Nigeria, only 86% answered affirmatively to a similar question. On the other hand, as many as 81% of Kenyan respondents said that digital payments have helped them save money. Tags Africa africa payments cryptocurrencies paying with crypto payments