The Economist organized a new survey to see people’s payment habits. In this survey, in which more than 3 thousand people participated, people were asked about payment habits, digital money, and the use of paper money.
The results of the survey show that people are beginning to turn to digital payment options in general. In addition, many people take a warm look at the idea of ’digital money’. But projects such as Facebook’s Libra project, that is, digital money developed by private companies, worry a bit.
The number of people who prefer digital payment methods worldwide is increasing rapidly. So much so that central banks, such as the Swedish Central Bank, began to consider the idea of digital money after intense demand from citizens. The survey by The Economist shows that the use of banknotes has started to decrease.
According to The Economist survey, 64% of people made at least half of their payments digitally in the past 12 months. When we say “digital payment”, we mean all kinds of online banking, platforms such as PayPal & TransferWire, mobile payment options and of course digital coins such as Bitcoin, Ether, XRP. Meanwhile, more than 80% of survey respondents say they can do their daily transactions digitally without using cash.
One of the interesting things is that people in developed countries prefer to use cash. While people in developing countries have a more positive view on the “cashless society”, people in developed countries do not think that cash will disappear.
According to research conducted by StatCounter Turkey, Indonesia, India and other countries compared to the much more common case, the use of smart phones in countries like China. People in these countries also seem to adapt to the digital transformation process faster. Especially there, we summarize the digital transformation process in Turkey.
State and Private
According to research by The Economist, although people are looking at digital payment methods, they are still not able to warm up to digital currencies such as Bitcoin, Ether, XRP. Apparently, people either do not “understand” digital money, “do not find it safe” to use digital money, or they prefer not to use digital money for a different reason.
One of the things people pay attention to digital money seems to be “reliability”. For this reason, many people prefer digital money produced by the state over digital money produced by a private company.
As can be seen in the table above, 54% of the survey participants find their digital central bank money reliable. In return, 36% of respondents find the digital money produced by a private company reliable. The rate of those who find a completely decentralized digital coin reliable is 26%.