Alt payments catching on but Bitcoin out in cold

New research from Intrapay reveals low consumer demand for cryptocurrencies. Direct debit, debit and credit cards remain the most popular way of purchasing goods online but demand is falling, in favour of such alternative methods as prepaid cards, bank transfers and mobile payments.

A survey of over 650 people found that they are currently more than seven times more likely to buy something online with a prepaid card than via Bitcoin et al and more than twice as many would like to use prepaid cards in the future, rather than volatile digital currencies. Less than 2% have used cryptocurrencies and only 6.5% wish to do so to buy items online in the future. Almost 90% of respondents reported that security is one of the most important aspects of their e-commerce experience, while four in ten demand greater convenience, with an equal number highlighting speed of payment. 

Koen Vanpraet, CEO at Intrapay, comments: “Cryptocurrencies may have enjoyed plenty of hype over the last year, but are just not viable as a mass payment method in the current market. Retailers looking to grow must understand consumers and offer the payment options that will drive loyalty, engagement and conversion. This cannot come from forcing unwanted payment methods on them: it must come from listening to retailers and their consumers, meeting their needs with payment methods that truly engage the consumer and add value to the business.”