‘Less than 1% of Consumers Choose Cryptocurrency for Online Shopping’

A recent study by Chargebacks911, a fintech company specializing in payment dispute solutions, revealed that the widespread acceptance of cryptocurrency as a payment method is still a distant reality. The 2024 Cardholder Dispute Index, conducted in collaboration with analytics and consulting firm TSG, surveyed 4,000 online shoppers in the United States. Shockingly, fewer than one percent of respondents indicated cryptocurrency as their preferred mode of online payment.

According to Triple-A, a cryptocurrency payments firm, approximately 4.2 percent of global consumers hold some form of cryptocurrency. However, insights from the Cardholder Dispute Index suggest that most crypto holders view digital currencies more as an investment opportunity or store of value rather than a practical currency for day-to-day transactions.

The study also highlighted that the majority of buyers still favor credit and debit cards as their preferred payment methods, with 80 percent of participants selecting these options. Mobile wallets followed as the next preferred method, with around 10 percent of respondents favoring them. Other alternatives like P2P payment apps, bank transfers, gift cards, and “buy now, pay later” services also garnered some preference among respondents.

These findings from the Cardholder Dispute Index correlate with the Chargeback Field Report from the previous year, which focused on online retailers. The report revealed that only 4% of sellers offered cryptocurrency as a payment option.

Jarrod Wright, Head of Marketing at Chargebacks911, emphasized that while cryptocurrency is not obsolete, its vision as a widely accepted decentralized payment method has yet to materialize. If consumers do not show interest in paying with crypto, merchants may not see the need to maintain it as an option.

The 2024 Cardholder Dispute Index is accessible for free on Chargebacks911.com and provides valuable insights into cardholders’ purchasing behaviors and payment preferences.

About Chargebacks911:

Chargebacks911 is a global leader in chargeback prevention and remediation technology, safeguarding over 2.4 billion transactions annually for clients across 87 countries. For more information on Chargebacks911’s dispute management solutions, visit their website at https://chargebacks911.com.

Media Contact: Justin Clements
Tel: 877.634.9808 ext. 7905
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(Source: Chargebacks911)