40% of consumers plan to use cryptocurrencies in the next year and millennials are leading the way, according to a Mastercard survey

40% of consumers plan to use cryptocurrencies in the next year and millennials are leading the way, according to a Mastercard survey

40% people are planning to use cryptocurrencies in the next year, according to Mastercard's New Payments Index. Millennials are especially interested in cryptocurrencies and are keen to learn more about it.

67% of millennials said they were more likely to use cryptocurrency now compared to a year ago, and 75% said they would use crypto coins if they had a better understanding of them. 77% were keen to learn more about cryptocurrencies, Mastercard's survey showed on Tuesday.

"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." the survey said.

It also found that the popularity of cash alternatives was generally growing and that the COVID-19 pandemic led to consumers using new payment methods that they would not have engaged with otherwise.

Mastercard's New Payment Index is based on over 15,000 online responses from North America, Latin America and the Caribbean, the Middle East and Africa and the Asia Pacific region.

Over the past year, crypto coin bitcoin has been leading the crypto-frenzy, but other cryptocurrencies have been gaining strength over recent weeks.

Ethereum's ether, the second-most traded digital coin after bitcoin, has been reaching new highs