A current study conducted by individual finance business Fair Go Finance has found that a big chunk of Australians prepare to leave the standard banking system and move to digital money. The study received responses from 3,148 individuals, and the concerns involved everything from bitcoin to Facebook money transfers.
The online survey was performed in April 2015.
34 % understand about bitcoin
Thirty-four percent of Australians who replied to the study asserted they understand something about bitcoin. Of course, the level of understanding of bitcoin is most likely to differ from person to individual. The question was phrased as, “Do you know anything about Bitcoins?” meanings that numerous respondents who had just heard of bitcoin as some sort of PayPal alternative would have most likely reacted in the affirmative. Some of these participants may have difficulty trying to describe the complexities of the blockchain.
There was a little bit of divergence in the responses from guys and females in this preliminary concern about bitcoin. While 43 percent of male participants claimed to learn about bitcoin, only 28 perecent of ladies did. There was less of a divergence in the responses from Generation X and Y. In reality, the numbers from those age groups were virtually identical.
Amongst the Australian population, 51 percent of participants declared they do their digital money research study by themselves. Twenty-six percent stated they get their info from loved ones, and 13 percent said they find out about digital cash from their existing bank or finance supplier. Only 2 percent of participants declared they are not interested in digital cash or monetary innovation.
It’s all about benefit
When it comes to the factors behind Australia’s thirst for digital money, benefit is king. Seventy percent of respondents asserted that benefit and the capability to use digital money 24/7 are the best features of the financial innovation. Twelve percent of participants discover digital money to be much safer than carrying cash, while 15 percent declared it assists them be more in control of their finances. 2 percent of respondents discover digital cash to be too high-risk.
Although this survey was about more than bitcoin, it needs to be kept in mind that the digital product still has lots of work to do in the convenience department. Price volatility and an inability for the average individual to comprehend the innovation are still vital barriers to traditional adoption.
Australia’s desire for convenience was likewise seen in a concern relevant to how digital money is used in the actual world. Forty-eight percent of participants stated they want to change PIN codes with biometrics by 2020. Only 18 percent claim they would not use biometrics, with the rest unsure.
36 % want digital cash, but not from Facebook
Possibly the most interesting finding is that 36 percent of respondents declared that they would change banks for better digital money services. Thirty-five percent asserted they would not change banks in order to access better financial technology, while 29 percent were not sure.
Although Australians prepare to obtain access to more efficiently digital cash services, it appears that moving money via Facebook is not in the cards for many. Sixty-nine percent of participants say they would not make use of the social media platform to send out money to family and friends, and just 11 percent appear prepared to use Facebook for payments today.
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