A new research from Mastercard shows that the adoption of new payment technologies in Kenya such as cryptocurrency is rising, and consumer appetite for new, fast and flexible digital experiences continues to grow.
The Mastercard New Payments Index shows 99% of Kenyan consumers will consider using at least one emerging payment method, such as cryptocurrency, biometrics, contactless, or QR code, in the next year.
“The world as we now know it has changed dramatically since the outbreak of the pandemic, accelerating long-term shifts in consumer transaction and payment methods. We continue to work with our merchants, fintechs, and banking partners to rapidly innovate payment options that meet consumer needs while ensuring we drive financial and digital inclusion,” said Raghav Prasad, Division President, Mastercard, Sub-Saharan Africa.
Cryptocurrency Gains Ground in Kenya
As global interest in digital currencies continues to accelerate, 4 in 10 people (43%) in Kenya say they plan to use cryptocurrency in the next year, with more than two-thirds (69%) noting they are more open to using it than they were a year ago. While consumer interest in cryptocurrency – especially floating digital currencies such as Bitcoin – is high, work is still required to ensure consumer choice, protection, and their regulatory compliance.
Today consumers across the globe can buy, sell, and trade cryptocurrency as a commodity or investment. The survey also indicated that Kenyan consumers are also increasingly showing interest in being able to spend crypto-assets for everyday purchases.
Earlier this year, Mastercard announced that it will start supporting select cryptocurrencies directly on its network.
Looking to the future, digital currencies and wallets, wearables, biometrics, contactless and QR codes are trending as emerging payments technologies as people’s comfort with them and understanding of them increases and the use of cash decreases.
In fact, 96% of consumers in Kenya have more ways to pay compared to this time last year. The exploding interest in new payment technologies may encourage businesses to expand their options at the checkout. The Mastercard New Payment Index found:
Kenya is seeing a surge in the popularity of digital wallets. 77% of Kenyan consumers said they were likely to use digital wallets next year. 67% of shoppers even say that they feel safer storing their card information in one place such as a digital wallet.