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Over the past year, the crypto space has endured sustained market volatility and scandals that have negatively impacted consumer confidence in the industry. However, Accenture’s year-end report found that consumers are still holding onto crypto, and for the long term.

According to Accenture’s 2022 Global Consumer Payments report, while many consumers still prefer traditional payment methods such as cash or credit card, one in five consumers surveyed now owns a cryptocurrency.

For those who hold cryptos, 28% say choosing to enter the crypto space is driven by long-term investment. This is followed by 22% of consumers who say their choice to get into crypto is out of “interest” in the space.

Other alternative reasons were related to alternative financial options and cross-border payments;

“The lack of standardization and the complexity of harmonizing regulations in different jurisdictions can hinder the use of CBDCs for cross-border transactions.”

The report also highlights that the effects of recent volatility in the cryptocurrency market may “slow down their adoption, at least until the market becomes more regulated.”

Currently, only 23% of respondents said they trust crypto wallets to provide a secure environment for payments and purchases.

It also mentioned central bank digital currencies (CBDC) as an alternative payment method in the future. However, there are still many complications that need to be worked out.

In August and September 2022, the survey reached 16,000 customers in 13 countries in Asia, Europe, Latin America and North America.

Related to: Bringing community-based solutions to crypto lending can solve trust issues

Despite the volatility, the recent market brought out next-generation payment methods that are on the rise. In addition to cash, card, check and e-commerce, this includes digital wallets, crypto, biometrically authenticated payments and metaverse payments.

The latter will be particularly relevant as metaversion and interactions become more commonplace in digital reality.

For now, however, the report concludes that 58% of consumers are still hesitant to transact on the metaverse due to a lack of trust in available payment providers. This doesn’t mean consumers aren’t curious.

Another recent report from Capgemini states that more than 90% of consumers are curious about the metaverse and how it can transform their online experience.