One of the “Big Four” auditing companies, KPMG confirmed in a survey published Wednesday, that United States consumers of all age groups are increasingly showing interest in buying items with blockchain tokens.
As per the survey, 63% of Americans assumed that tokens are the easiest form of payment, while 55% say that tokens will allow them to make better use of loyalty reward points.
While one-third of consumers claim that they are highly familiar with tokens, a total of 82% of consumers said they are prepared to use tokens as a share of an existing loyalty program. Already, 81% added that they would trust the use of tokens readily if they are already engaged in a company’s loyalty program.
The customers pledge allegiance for loyalty to industries such as banks and credit card companies (87%), restaurants/fast food/coffee shops (86%), electronics companies (81%), and media/telecom companies (79%).
Tokenization unarguably has revitalized loyalty programs in businesses by opening up an avenue for the next generation of commerce, according to KPMG U.S. Blockchain Leader, Arun Ghosh.
It provides inspiring new ways to classify value, either by creating new assets or reimagining traditional ones, sustained with the security and transparency of the blockchain. Businesses that take advantage of tokenization can open the door to entirely new process improvements, revenue streams, and customer engagement opportunities.
The survey centers on the possible opportunity for companies to harness the technology for transparent and frictionless transactions. Through the concept of tokenization, businesses can transform new forms of value exchange within an existing network. For instance, by letting consumers use loyalty points to purchase with different merchants.
“Not only can this create more engaging customer experiences, it offers significant operational efficiencies by accelerating the transfer of value,” Ghosh said.
KPMG in the survey suggested that 79% of Americans will show more interest to use tokens if at all, they are simple to use; simple token experiences can boost loyal for consumer brands.
In a different survey from SSRS reported in July, 4% of Americans chose cryptocurrencies, especially bitcoin as the best long-term investment.