By 2023, nearly half of consumers globally will use crypto for payments

The adoption of crypto payment methods is expected to soar in the next two years, according to a new study conducted by an information technology company.

By 2023, nearly half of consumers globally will use crypto for payments

The adoption of crypto payment methods is expected to soar in the next two years, according to a new study conducted by an information technology company.

An analysis of the current world payments landscape was conducted by Capgemini Research Institute by surveying clients and industry stakeholders globally.

Besides collecting data from the Bank of International Settlements, the European Central Bank, the IMF, and the World Bank, the think tank analyzed statistics from other central banks.

In global terms, the report notes that cryptocurrencies are currently used by fewer than 10% of consumers.

Despite the risk of high transaction fees, the research institute estimates that nearly 45% of customers will use this new payment method over the next 1-2 years due to a growing need to make cross-border payments.

Crypto credit cards are proving to be very popular, too, according to Capgemini:

"Volatility in the cryptocurrency market indicates that it is not mature. Still, Crypto-linked cards continue to lead the cryptocurrency-payment space with initiatives from global card players to develop a fertile ecosystem for crypto-payments."

The researchers, however, believe the outlook for crypto assets is still "hazy," citing mixed reactions to crypto assets from governments around the world.

Crypto assets and stablecoins see potential in Russia, India, and the United Arab Emirates, according to Capgemini. Due to the rising risk of illicit transactions, other countries such as Egypt and China have also banned crypto assets.