More than a third of consumers between 18 and 54 own cryptocurrency, according to a recent study by digital payments company Cantaloupe Inc. According to the study released this week, ages18-34 are most likely to own crypto coin (37%) with ages 35-54 (33%) trailing slightly.
The Cantaloupe study also found that 67% of those who own crypto would consider using it for purchases if it were linked to a mobile wallet, with an additional 19% saying they would use crypto linked to a mobile wallet if it were easy.
Cantaloupe, a leading technology firm in the unattended retail space, offers a new payment device that can accept cryptocurrency at vending machines.
The adoption and usage of mobile payment apps is growing. According to Cantaloupe survey, only 14% of respondents reported not having used a mobile payment app in the past year. Paypal was the most popular payment app with 72% of respondents saying they’d used it in the past year. It was followed by Cash App (32%), Venmo (26%), Google Pay (21%), Zelle (20%) and Apple Pay (19%).
“With the popularity and ownership of cryptocurrency growing, it is critical that retailers find ways to accept this new form of payment, and the easiest way may be through mobile wallets,” said Cantaloupe chief executive Sean Feeney.
“It’s not hard to imagine a world where cryptocurrency is being used to make everyday purchases using a mobile phone, whether that is at a vending machine, in a store or online," Feeney continued. "Our research shows that the needle is moving quickly, consumers are more comfortable paying with mobile apps than ever before, and it’s time for the retail industry to be ready to meet expectations of consumers who prefer crypto for payment, and begin to accept it.”
Cantaloupe’s findings are based on the results of a U.S. consumer survey by CITE Research that targeted samples of more than 2,000 census-based U.S. adults each balanced by gender, geography and age group, fielded from June 1 to 8. The survey was completed through proprietary sample sources among panels who participate in online surveys.
- Forty one percent of respondents who earn more than $100,000 a year own cryptocurrency, compared with 24% of those who earn less.
- Only 46% of respondents over the age of 55 would use cryptocurrency linked to a mobile wallet, compared with 68 percent of those ages 35-54 and 70% of those 18-34.
- Less affluent, younger respondents prefer Cash App over Venmo. While about the same percentage of respondents making more or less than $100,000 annually prefer Paypal overall (72% and 75%, respectively), 24% of respondents making less than $100,000 use Venmo, compared with 35% of those making more. By comparison, 33% of those making less than $100,000 use Cash App, compared with 28% of those making more. Cash App is the second most popular payment app to Paypal for younger generations, with 49% of those between 18 and 34 using it, compared with 38% who use Venmo, the third-most popular.