A study on cryptocurrency purchases among MasterCard, UnionPay, and Visa cards users by global payment service provider Worldcore found that 89% of the respondents are knowledgeable about crypto and 53% have acquired some over the last 12 months.
Worldcore is based in Prague, Czech Republic and is regulated by the EU. It presently has around 300,000 customers.
“The purpose of the study was to determine the willingness of people to deal with digital currencies with the help of bank cards,” Russian outlet Innov.ru explained saying the study was conducted between March and April. “The study involved more than 10,000 people from 47 countries,” Finam reported. Also, “data on the EU countries (28 countries) and CIS [Commonwealth of Independent States] countries (12 countries) were combined,” the news outlet mentioned, noting the Worldcore study results:
“About 89% of respondents know well what cryptocurrency is. 53% of respondents made purchases of cryptocurrency at least once within the last 12 months.”
In July 2017, RBR published the Global Payment Cards Data and Forecasts to 2022study stating “UnionPay has been the largest scheme globally for card numbers since 2010 and, by the end of 2016, there were more than six billion UnionPay branded cards in circulation.” The firm added that “RBR found that UnionPay, Visa, and Mastercard collectively account for 80% of cards worldwide.”
Worldcore previously partnered with Bitpay to offer digital currency solutions to its clients worldwide. The company announced an Initial Coin Offering (ICO) in August 2017 as part of its expansion plans.
The respondents consist of 36% Japanese, 25% from the US, 18% Korean, 8% from the EU, 6% Chinese, 3% Latin American, 2% Canadian, and 1% from Russia and the CIS.
36% of those who purchased any virtual currencies in the past 12 months used debit cards, 21% used credit cards, while the remaining 43% used other forms of payment.
60% of the respondents who did not buy any cryptocurrency during the period cited “risks” as the primary reason. 35% of them answered having “insufficient funds,”and 5% perceives crypto transactions as a violation of the law.
“Among our clients are people of different specialties and ages, but the research was conducted among a very active audience in terms of transactions. As one of the most popular services we have is mass payments around the world, as well as using cryptocurrency wallets. So initially the research was conducted among the clients who were savvy in the sphere of financial services,” Worldcore CEO Alexey Nasonov explained.
While the survey indicates that a significant number of credit card users are knowledgeable about crypto and are willing to buy them, the most prominent banks in the world have mostly listened to regulators and banned the utilization of credit cards for crypto purchases.
Among the major banks that have prohibited their clients from using credit cards to purchase digital currencies are Capital One, Bank of America, JPMorgan, Discover Card, and Citigroup. Canadian bank Toronto-Dominion Bank (TD Bank) have also followed the regulation. In the UK, Lloyds Banking Group has made a similar announcement, prohibiting clients of Bank of Scotland, Halifax, and MBNA. Moreover, Visa severed its relationship with some digital currency card providers.