Digital currencies now feature in the long-lasting strategies of US businesses, according to a brand-new research study of electronic payment trends.
The Ponemon Institute report, commissioned by tech giant hp, found that 79 % of participants prepared to support digital currencies like bitcoin in the future.
In addition, 80 % of the 634 US locals surveyed stated they anticipate digital currencies to overtake paper currencies in the future.
The report’s authors explain that the participants, mostly working in IT operations, security and technology deployment, are “all familiar with and included” in their organisations’ electronic payments practices.
In addition to digital currencies, the report also handles security, authentication systems, emerging technologies, wireless standards such as Near Field Communication (NFC) and mobile services like Apple Pay and Google Wallet.
In general, the report shows that understandings of new electronic payment systems are positive and digital currencies have their fair share of support.
While digital wallets are popular, participants stay concerned about security risks, nevertheless. Indeed, the single greatest obstacle to adoption of ingenious payments technologies is security, it says.
The report concludes that prevalent adoption of digital currencies is “inevitable” due to the fact that both companies and customers want to embrace them.
In total, 60 % of participants stated digital currencies are a vital part of their organisation’s electronic payment method, with 26 % saying they “strongly agree” with that statement.
Respondents were particularly bullish on mobile payments and 75 % verified their organisations plan to offer support for mobile payments in the near future, while 59 % stated they will incorporate support for stored value cards.
Digital currencies was available in 3rd, with 43 % of respondents saying they will play a part in their mobile payment strategy.
When asked whether digital currencies will overtake paper currencies in the future, the majority of respondents said yes.
Most expect this to take place within 5-10 years and only 20 % of those surveyed said this would never take place.
A comparable trend is visible in digital wallets, however participants anticipate adoption to be somewhat quicker.
24 % said they would adopt digital wallets over the next two years, while an additional 56 % said they would doing this over a 5-10 year duration.
For the time being, support for digital currencies remains limited. Simply 14 % of respondents said their organisations support digital currencies as of today.
Interest is getting, nevertheless. 11 % of participants stated they prepare to integrate support over the next 6 months, while 9 % expect integration over the next Twelve Month.
Many of those surveyed (45 %) stated their organisations mean to present support for digital currencies more than a year from now, while 21 % stated there were no plans for support.
When asked how crucial the approval of paperless or virtual currencies (such as bitcoin) is to their organisation’s innovative electronic payment strategy, 40 % of respondents stated it was vital, while 43 % described it as “extremely important”.
Just 11 % described digital currency integration as “somewhat essential”, followed by 6 % of participants who stated it was trivial. None of the respondents explained it as “irrelevant”.
Brand-new payment designs also bring new security difficulties and many participants said one-time passwords or tokens will certainly be the most important techniques, followed by federated identity and authentication systems and multi-factor authentication.
Digital currencies are connected with a number of security issues that might or might not impact other types of payment.
When asked whether the approval of digital currencies would increase or minimize the security and integrity of electronic payments, the majority of participants said it would lead to a reduction.
The majority (42 %) stated they expect a decrease, while 41 % said digital currencies would lead to a ‘significant decrease’.
Simply 2 % anticipate a considerable increase and an added 5 % expect an increase, while 10 % said digital currency adoption would have no impact on security.
It ought to be kept in mind that these issues are not restricted to digital currencies, as many participants likewise stated digital wallet combination would have a negative impact on security.
Digital wallets fared rather better than digital currencies, however 34 % of respondents still stated they would bring a ‘significant decrease’ in security, while 37 % stated they anticipate a decrease.
HP Survey: 79 % of US Organisations Plan to Adopt Digital Currencies