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High Interest Among Consumers In Receipt Of Cryptocurrency As A Form Of Reward Or Redemption

A new InsightzClub study reveals

Cryptocurrencies have become the conversation of the hour in recent years. With the ability to  transfer funds without third-party influence, the popularity of ‘coins’ is at its peak. Analysts claim  that cryptocurrency has the potential to overtake traditional financing within the next decade.  

InsightzClub, a technology-based market research firm, investigates consumer sentiment in  South East Asia towards the application of cryptocurrency payments in the market research. 

Blockchain technologies are the foundation of any cryptocurrency. It is a system that tracks  transactional records, validates these transactions, making it impervious to fraud. Underlying  concepts are complex which is why consumers may not have an adequate understanding. Only  20% of respondents claimed to moderately understand the technology, the remainder unsure or  have yet to learn. In some measure, responses could be skewed by social desirability bias,  where participants alter responses to appear more socially desirable. Incomplete understanding  of blockchain thus impedes extensive implementation as a universal payment method in the  near future.  

Close to 60% of respondents were open to receiving cryptocurrency payments. To further  understand the applicability of cryptocurrency in the market research industry, participants were  asked to identify activities they would be willing to paid in cryptocurrency. Points redemption  and survey participation were the most selected options at 86% and 83% respectively. This  asserts the potential of cryptocurrency as a universal reimbursement in market research  participation. Consumers, instead of receiving deposits or redeemable points, may opt for cryptocurrency. It can either be a well established coin like Ethereum, or a proprietary market  research token. 

Although there are some positive indicators, there still are concerns among consumers that  need to be addressed. The three most common concerns cited by participants were incomplete  understanding, legality, and lack of universal acceptance. Furthermore, reported comfort levels  in adopting cryptocurrency as payment in market research were moderate to positive. Initiatives  from government bodies and private entities may serve as catalysts in widespread usage of  cryptocurrency. Incomplete information can be rectified by educational campaigns on social  media platforms.  

The above findings are based on a Southeast Asian study by InsightzClub’s proprietary iFeed  solution.

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Cofounder of InsightzClub, an agile tech enabled platform for consumer insights. Padmanabhan has more 14 years of experience in consumer insights, analytics and data science and ecommerce while working in leadership roles at Rocket Internet/Lazada, Hong Leong Management Group, Nielsen and IPG Mediabrands. Follow him at InsightzClub and on Facebook.

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