Ding survy finds 10 percent of Saudi Arabian respondents hold crypto

Ding, a leading international mobile top-up service, has released its second Global Prepaid Index, revealing that 14% of users hold Bitcoin or other cryptocurrencies. The survey found that 10 percent of those who respondents in KSA hold crypto. Adoption is even as high as 25% in some developing countries. The report also shows that many consumers are putting digital assets ahead of other, more traditional financial products, such as personal loans.

This bi-annual global study commissioned by Ding, one of the largest mobile top-up service, examines the views of 6,250 respondents across the KSA, UAE, Nigeria, Indonesia, Germany, India, Mexico, Brazil, and the Philippines, regarding their engagement in the prepaid market and their attitudes towards the economy.

Among the countries surveyed, Nigeria showed the highest rate of digital currency adoption, with 25% of users confirming they currently hold Bitcoin or other cryptocurrencies. It was followed by the Philippines and Indonesia, where 19% and 18% of respondents, respectively, confirmed they hold crypto. In contrast, cryptocurrency adoption was lowest in Germany and Mexico, with 8% each, followed by Saudi Arabia with 10%.

Perhaps most surprising was the global finding that respondents showed a higher preference for cryptocurrencies than for some traditional financial products. Cryptocurrencies ranked sixth out of thirteen options, with traditional bank accounts, savings accounts, and credit cards the most popular products. However, crypto ranked higher in terms of global popularity than personal loans, stocks and shares, and mortgages among GPI respondents.

The report also revealed some broader findings about the global prepaid market, showing that over three-quarters of users have engaged with prepaid products or services. However, far from being the last resort of those who don’t qualify for a phone contract or credit card, the survey overwhelmingly found that people opt for prepaid due to reasons such as better budgeting and expenditure control. In contrast, only 11% said they used prepaid because they had no other choice.

“Although prepaid is a far more developed market, we see many parallels between crypto and the global prepaid sector, and their attraction to consumers,” said Rupert Shaw, Chief Commercial Officer at Ding. “The GPI findings consistently show that consumers value flexibility, freedom, and choice when making spending and financial decisions. The increasing appetite for prepaid products and cryptocurrencies reflects these preferences and the significant growth opportunities for both segments.”

Another interesting finding of the GPI report is the high correlation between fear of cybercrimes and cryptocurrency adoption. Over half of respondents from Nigeria, the Philippines, and Indonesia expressed fear of incidents such as theft of financial information, identity fraud, or hacking – more than other countries. Respondents from these countries were also more likely to report fear of government or corporate data harvesting.