A recent survey from KPMG, a Big Four professional services firm, found that millennials and people from 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 Q&A, the US Blockchain Leader for KPMG, Arun Ghosh, said that while not all consumers 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 many as 63% of the surveyed individuals believe that tokens serve as an easy payment method.
The KPMG report also noted that no other demographic in the United States is more open to cryptocurrencies than Gen Z, as the findings revealed that 83% of Americans between the ages of 18 and 24 are interested in the future of cryptocurrencies. Millennials are not left out, as 71% of consumers between the ages of 25 to 34 also showed interest in the future of tokens, and more than half of American consumers aged 65 and above are also interested in the future of digital tokens.
Ease of Use Becoming More Important
With an increasing 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 believe 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 that those with more complex ones.
In another interesting survey that involved more than 5,000 Americans, only 6.2% of respondents reported having purchased Bitcoin, while over 21% claimed they had never heard of it. 7.3% of the participants said that they were planning to buy some but did not own any at the time of the survey.
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