Reserve Bank of Australia Survey: Less than 1% of Australians have used crypto for payments in 2019

• A survey by the Reserve Bank of Australia has shown that less than 1% of the citizens have used crypto for payments. 
• However, the survey revealed that over 80% of the people were aware of crypto utility.
• The high crypto awareness could be because of the country’s active involvement in blockchain development.

The Reserve Bank of Australia (RBA) has revealed that less than one percent of Australian citizens have used cryptocurrencies to make consumer payments in 2019. Though some Australian authorities have recognized crypto as a form of investment, it looks like digital assets like Bitcoin are not popular as a payment method.

This data is based on an RBA study that was conducted in October and November 2019. The survey aimed to find out more information about local payment preferences. It aggregated results from 1,100 participants. The survey showed that Australian consumers are increasingly using electronic payment methods, as per the RBA. 

In Australia, though the number of people using crypto for payments is low, the awareness level about the method is quite high. According to the survey data, more than 80% of people had heard of crypto, making it the third most familiar alternative payment method following “buy now, pay later” services and “tap and go” mobile payments. The RBA noted that many Australians are aware of crypto as a payment method than services like in-app mobile payment, AliPay, or WeChat Pay.

The increased awareness about crypto as a means of payment could be because of the Australian government’s overall supportive view of the technology. The country has also been actively taking part in blockchain development.