Cryptocurrencies and other forms of payment in the awareness of Poles : declared trust, perceived risk and actual victimization

Abstract

PURPOSE: The aim of this article is to examine the volume, trust and risk perceived by Poles in terms of broadly understood types of payments, from cash, through various electronic payments, to cryptocurrencies. This is particularly important in the context of the hypothesis of a cashless societies predicted by some researchers.

APPROACH/METHODOLOGY/DESIGN: The method of computer-assisted telephone interviews (CATI) was used to achieve the research objectives. The study was conducted on a nationwide sample of N=1001 adult Poles (18+). The analyzes used descriptive statistics and explored a statistical method called two-stage cluster analysis.

FINDINGS: A comparison of the results of foreign research and our own research and other Polish research clearly shows that Poles belong to the societies most dependent on cash payments; below the global average use electronic payments and cryptocurrency payments. These barriers are mainly awareness-raising and, to a lesser extent, technological. This is indicated by the discrepancy between high levels of concern and low levels of actual crime victimization in the use of different payment methods. In addition, groups in the technological vanguard (using a wide range of electronic payments, including cryptocurrencies) and digitally excluded groups (using traditional payment methods or card payments) were identified (in social, demographic and psychographic categories).

PRACTICAL IMPLICATIONS: Identification of the extent of use, trust, perceived risk and actual victimization associated with different payment methods allows for the formulation of awareness, education and remedial actions on policies for implementing a cashless society. In addition, the article refers to the need to ensure security in the field of payments to citizens, especially those who are informationally excluded.

ORIGINALITY/VALUE: This is the first study on a nationwide sample of adult Poles that reveals volume, trust and likelihood of victimization of various payment systems.