According to a new Mastercard report, the covid-19 pandemic has helped widespread use of cryptocurrencies, especially in three countries in Africa – Nigeria, Kenya and South Africa. The document also shows that more consumers from these countries “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.
By contrast, around 43% of Kenyan respondents signaled their intention to use cryptocurrencies when making payments. South Africa (41%) has the lowest number of consumers who plan to use cryptocurrencies in the coming year.
Commenting on the growing demand for such new payment methods, Raghav Prasad, president of the Mastercard branch, said:
The pandemic made us think differently, partly out of necessity. To provide the choice and flexibility that consumers need – and increasingly expect – retailers around the world need to offer a range of easily accessible and always active payment solutions.
Prasad adds that as long-term changes to consumer transactions and payment methods accelerate, Mastercard “Will continue to work with traders, fintechs and banking partners to rapidly innovate payment options.”
Kenyans adapt better to change
According to a Mastercard study, 99% of Kenyan respondents say they will consider using new payment options such as biometric tools, digital currencies and QR codes. South Africa is not far behind with 95%.
When it comes to increased access to various modern payment methods, 96% of Kenyan consumers said that “Now have access to more payment methods compared to this period last year”. In both South Africa and Nigeria, only 86% answered yes to a similar question. On the other hand, 81% of Kenyan respondents said digital payments helped them save money.