International investment bank JPMorgan is seeing little interest in the crypto payment method. However, the bank noted that cryptocurrencies are becoming “bigger and bigger” in the gaming sector.
JPMorgan sees little interest in Crypto as a means of payment
In an interview with Bloomberg Television this week, Takis Georgakopoulos, global head of payments for JPMorgan’s corporate and investment banking division, spoke about customer demand for crypto payment methods. he said:
We have seen a lot of demand from our customers, let’s say up to six months. Now we see very little.
Noting that the demand for crypto as a means of payment has decreased significantly, Georgakopoulos emphasized that the bank still supports customers who want to use crypto for this purpose.
He added that cryptocurrencies are becoming “bigger and bigger” in the gaming sector – where he sees more opportunities in traditional games and the metaverse.
This week, JPMorgan CEO Jamie Dimon reiterated his skepticism about bitcoin and cryptocurrency. “I’m a big skeptic of crypto tokens, which you call a currency like Bitcoin. They are decentralized Ponzi schemes,” the executive said. However, he emphasized that he has no doubts about blockchain and decentralized finance (defi), calling it “real” innovations.
A recent Deloitte study in partnership with PayPal found that more than 85% of merchants are “giving a high or high priority to enabling cryptocurrency payments.” Additionally, “nearly three-quarters of those surveyed plan to accept cryptocurrency or stablecoin payments in the next 24 months.
A separate survey by Bank of America showed “growing interest” in using crypto as a payment method. “39% and 34% of respondents use crypto/digital assets as a payment method online or in person, respectively,” the bank said. Additionally, 49% and 53% of respondents expressed interest in using crypto/digital assets for online and physical purchases, respectively.
What do you think when JPMorgan says there is little demand for a crypto payment instrument? Let us know in the comments section below.
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