About 99pc of Kenyan consumers will consider using at least one emerging payment method, such as cryptocurrency, biometrics, contactless, or QR code, in the next year with more than two-thirds (69pc) noting they are more open to using digital currencies than they were a year ago.
The new details taken from a Mastercard New Payments Index show that the adoption of new payment technologies in the country such as cryptocurrency is rising, and consumer appetite for new, fast and flexible digital experiences continues to grow.
81pc of consumers in Kenya say digital payments methods help them save money
“The world as we now know it has changed dramatically since the outbreak of the pandemic, accelerating long-term shifts in consumer transactions and payment methods. We continue to work with our merchants, fintech, and banking partners to rapidly innovate payment options that meet consumer needs while ensuring we drive financial and digital inclusion,” said Raghav Prasad, Division President, Mastercard, Sub-Saharan Africa.
According to the report, 4 in 10 people (43pc) in Kenya said they plan to use cryptocurrency in the next year showing consumer interest in cryptocurrency such as Bitcoin is high.
96pc of Kenyan consumers have access to more ways to pay compared to this time last year
Kenya is also seeing a spike in the popularity of digital wallets. 77pc of Kenyan consumers said they were likely to use digital wallets next year. 67pc of shoppers are on record saying they feel safer storing their card information in one place such as a digital wallet.
Biometric Payments are More Trustworthy
Perceptions of safety and convenience have been front and center for people over the past year. 42pc of Kenyan consumers say they plan to use biometric verification methods like gait or walk assessments and fingerprint authorization. In fact, nearly 7 out of 10 people (69pc) feel safer using biometrics to verify a purchase than entering a pin.
