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.