Consumers are increasingly willing to make purchases with blockchain tokens: KPMG

KPMG have published a study which finds that digital blockchain tokens are transforming the way consumers interact with each other and businesses.

Some key findings from the report are that 63% of American consumers perceive blockchain tokens to be an easy form of payment, and 82% of consumers are open to using blockchain tokens as part of an existing loyalty program.

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Christophe de Courson, CEO of Olymp Capital, Europe’s first asset management fund dedicated to blockchain and crypto, said:

“...This survey is very interesting. It shows that consumers are increasingly prepared for the arrival of blockchain products such as tokens in their day-to-day life.

This is especially true in the case of loyalty programs, where tokenization can benefit consumers through increased transparency, liquidity, and the possibility to use small amounts of loyalty points in daily purchases. Companies can benefit from operational efficiencies and a significant reduction in the likelihood of fraud. Tokenization therefore creates a win-win situation for both parties and, in the end, the possibilities for innovation are significant — including sourcing new profit and new channels to engage customers.

Blockchain tokens and Americans

 However, the key for the development of consumer utility tokens, is practicality. Making interactions simple needs to be a priority. As highlighted in this KPMG study, 79% of Americans would be more willing to use them,  if it was easy.

Another key element for adoption is the regulation and promotion of tokens. The US are blowing hot and cold on this subject. For example, digital assets are considered securities by the SEC in most cases, but they have also blocked any ETF attempts such as VanEck for example. 

The issue for the US is that the adoption process could be too slow for too long, while US customers are ready and willing to engage with these products. It's not just the US who could benefit from this, Europe is ripe for disruption in this space also”