A recent survey from KPMG, a Big Four professional services firm, has revealed that more Millennials and people from the Generation Z (Gen Z) are becoming increasingly open to the use of cryptocurrencies, due to the many benefits accrued to blockchain-based tokens.
Interesting Results From KPMG Study
The study suggested that “tokenization is ushering in the next generation of commerce,” as it helps businesses leverage blockchain technology to “classify value by creating new assets or reimagining traditional ones” with more transparency and security.
In a special Q&A, the US Blockchain Leader for KPMG, Arun Ghosh, said that while not all customers are currently familiar with the idea of tokenization, the rate of familiarity is continuously growing. According to him, “just one-third of consumers are highly familiar with the modern-day, blockchain-based definition of tokens,” but as much as 63% of the surveyed believe that tokens act as an easy payment method.
The KPMG research further noted that no other active demographic in the United States is more open to cryptocurrencies than Gen Z, as the findings revealed that 83% of the group between the ages of 18 and 24 years are more interested in the future of cryptocurrencies. Millennials are not left out, as 71% of consumers between the ages of 25 to 34 years also showed interest in the future of tokens, and more than half of American consumers from 65 years and above are also interested in the future of digital tokens.
Ease Of Use Becoming More Important
With an increased number of businesses adopting blockchain technology, tokenization is reshaping the value exchange between consumers and enterprises through transparent and faster transactions. Companies can also tokenize loyalty programs to boost customers’ engagement and experience. The survey showed that about 55% of consumers in the US perceive that “tokens will enable them to make better use of loyalty rewards points.”
The study also suggested that 79% of consumers are willing to use digital tokens if they are easy to use, which indicates that businesses with simple tokens can win more customer loyalty.
In another interesting survey that involved more than 5,000 Americans, only 6.2% of the sample reported having purchased Bitcoin while over 21% claimed they had never heard of it. 7.3% of the participants said they were planning to buy some but did not own any at the time of the survey.
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