Cryptocurrency as a New Frontier in Research Survey Compensation

According to a crypto payment apps report, the market is expected to grow by a compound annual growth rate of around 16% through 2030, indicating a shift in consumer payment preferences. Crypto is becoming increasingly popular for small payments like surveys due to its low fees. Let’s learn more.

The Usage of Crypto In Survey Compensation

Businesses are increasingly leveraging crypto payments for survey compensation due to its benefits over traditional payment methods. Crypto transactions are borderless, process quickly, require little verification, and have no minimums, making them ideal for compensating survey participants.

Fees (particularly for cross-border payments) and settlement times can be high when using traditional payment methods like wire transfers. Many intermediary services are involved, pushing up costs and hindering efficiency.

Crypto payments are becoming popular with survey businesses as they enable fast and cheap payouts that can be sent globally without complex banking processes. This system reduces costs for companies while enhancing the user experience and attracting additional participants.

The Benefits of Crypto for Survey Compensation

As we’ve touched on, crypto payments offer several advantages for survey businesses, like reduced fees and faster payment processing. However, the technology also provides a few less apparent benefits:

Enhancing Incentive

Leveraging crypto for payments is an excellent way for survey platforms to enhance participant incentives. People are becoming increasingly drawn to studies that reimburse participants via crypto as payment, and for good reason.

A Crypto payment gateway like Bitpace makes it much easier for users to pay for everyday goods or services using crypto. The technology works well in the eCommerce, travel, and automotive industries, among others. Moreover, crypto payments are limitless, so they’re ideal for large and small purchases.

Participant Privacy

Privacy has never been more critical in the online world. However, with people regularly having to give out their names, addresses, phone numbers, and other personal details when receiving or sending online payments, our privacy has never been more challenging to maintain.

Crypto-based payments are partially anonymous and do not require personal details. The only information needed is a wallet address. This makes it easier for people without access to identity documents like a passport or driving license to earn money online via surveys.

Increased Accessibility

As a World Bank executive summary states, around 24% of adults worldwide are unbanked, preventing them from participating in online platforms like survey sites. Unfortunately, exclusion from global markets can have dire economic consequences that disproportionately impact developing nations.

By implementing crypto payment systems, businesses enable global participation and remove the reliance on banking services. Anyone can register for a crypto wallet for free, making the surveys far more accessible, increasing the number of potential participants and enhancing data gathering.

Crypto is becoming a more and more popular payment method for survey platforms. It offers many benefits, like enhanced privacy, faster payout speed, and increased accessibility, which improve the user experience, incentivise participation, and foster stronger engagement between surveys and participants.