According to a recently released study by Chargebacks911, a fintech company providing payment dispute solutions, the promise of cryptocurrency's widespread acceptance as a means of payment remains far from being realized.

The 2024 Cardholder Dispute Index, created in partnership with analytics and consulting firm TSG (The Strawhecker Group) surveyed 4,000 online shoppers in the United States. Fewer than one percent of respondents identified cryptocurrency as their preferred way to pay online.

Cryptocurrency payments firm Triple-A estimatesthat 4.2 percent of global consumers own some amount of cryptocurrency. However, given the insights gained from the Cardholder Dispute Index, it seems most crypto holders continue to see digital currencies as a store of value and an investment opportunity rather than a viable currency for day-to-day transactions.

The Cardholder Dispute Index shows that the vast majority of buyers still prefer credit and debit cards over alternative payment methods. 80 percent of those surveyed identified credit or debit cards as their preferred way to buy online. Roughly 10 percent of respondents said they preferred mobile wallets, while a small number of respondents also identified P2P payment apps (Venmo, CashApp, Zelle, etc.), bank transfers, gift cards, and "buy now, pay later" services as other preferred options.

These shopping preferences were mirrored in the Chargeback Field Report, a study conducted by the firm last year that looked at online retailers. That study found that only 4% of sellers offered cryptocurrency as a payment option.

"This is not to say that cryptocurrency is dead," states Jarrod Wright, the head of marketing for Chargebacks911. "However, it's hard to deny that the promise of cryptocurrency as a decentralized, widely accepted means of exchange has failed to materialize so far. If consumers don't want to pay in crypto, merchants won't be incentivized to maintain it as an option."

The 2024 Cardholder Dispute Index is available for free at Chargebacks911.com, and sheds light on cardholders' buying behaviors and payment preferences.