Results From Our First Survey on Digital Wallets

News

The results are in… and our users have big plans for using their Civic Wallets. What’s more — as we expected — we received plenty of good advice, tips, and perspectives.

At Civic, we value our community and the people who use our products. That’s why we were looking forward to getting feedback from those on our Civic Wallet pre-registration list about why they use digital wallets. Our first user survey was completed by more than 1,000 people from our waitlist, and our second survey was completed by more than 700 people. Responses came from a global audience.

First User Survey

A vast majority of our survey takers already use a digital wallet in one form or another. When asked why they used a digital wallet, almost 40% said they used a wallet for trading and holding crypto, and close behind, more than a quarter of those surveyed said that they used a digital wallet for simplicity, ease of use and convenience. A still-significant portion of our users said they used wallets to make purchases, buy and sell goods, and yet others used wallets for safety and security over their money.

Only a few users did not yet use digital wallets, and here, 22% said the main reasons for not adopting the technology were mainly because they either didn’t understand how to use a digital wallet or because they wanted more physical places to use the wallet before diving in (19% of users). Clearly, there’s an opportunity to make digital wallets easier and to broaden their reach.

Our users are highly engaged in the digital wallet space, and when we asked what kind of wallets they use, we received quite a number of responses. Many currently operate several types of wallets at once, with both traditional payments and cryptocurrency. 

Not surprisingly, a majority of the users surveyed are active cryptocurrency holders. According to our survey, the biggest reason for this is for trading and investing with 39% of respondents sharing that this is why they use crypto. Other reasons include positive interest rates in crypto (28%), lower fees than traditional banking (22%), and control over their money (7%).

Second User Survey

Our second survey yielded even more insights from our users. Among 700+ respondents, the vast majority of users strongly agreed or agreed that they knew what digital wallets were and how they worked, that they found it easy to make digital purchases, and that they had enough information about digital wallets to consider using them for digital purchases. Most users agreed that they preferred to use digital wallets over other payment methods. Clearly, this group is ready to ditch their traditional wallets in favor of their phones.

Another surprise for our team was that our users had a strong preference around what they’d like to use a digital wallet for. A majority shared with us that they’d like to use their digital wallet for real-time rewards and incentives, earn interest, as well as send money to friends and family.

Finally, the majority also agreed that they’d like to make purchases with crypto, use crypto simply like traditional money, keep crypto locked away in the hope that it will grow, and that they understand what stablecoins are.

Conclusion

With more than 1,700 responses to our two surveys, we can see that our audience is highly engaged, adept with using and understanding crypto. They also see crypto as a way to grow their assets and are looking to be rewarded for their investments. 

We can’t thank our community enough for sharing their preferences and ideas with us as we look forward to the upcoming launch of the Civic Wallet. If you haven’t yet pre-registered to use the Civic Wallet, registration is still open at this time.