A new report issued by payment processing giant Mastercard shows that most Latam consumers are knowledgeable about what cryptocurrencies are. According to the report, more than half of Latam consumers have conducted at least one transaction involving cryptocurrency. One-third of those surveyed also declared that they have used stablecoins for payments.
Mastercard reports that Latam has proven to be fertile ground for the digitization of payments
A recent report by Mastercard reveals that Latam is fertile ground when it comes to the adoption of new payment systems: the report, titled “New Payments Index 2022,” found that 51% of consumers in the region have already made a cryptocurrency-containing transactions, including cryptocurrencies. This is due to economic conditions and the obstacles some consumers face when trying to move their money in traditional ways.
Similarly, stablecoin was found to be a somewhat prevalent means of payment in the Latam payment market. One-third of consumers in the area reported using stablecoins to make purchases.
Walter Pimenta, Vice President of Product and Innovation at Mastercard Latam and the Caribbean, said.
More and more Latin Americans are showing interest in cryptocurrencies and seeking solutions that facilitate access to the crypto world.
The survey also found that Latam consumers are optimistic about the use of cryptocurrencies as an investment vehicle, with 54% of respondents holding that opinion. Similarly, two-thirds of those surveyed would like to have more flexibility in making payments using crypto and traditional digital methods.
Latam consumers are also in favor of integrating cryptocurrencies with their current financial institutions. According to the report, 82% would like to have access to cryptocurrency-related features at their current banks. Attempts were made to do this with Banco Galicia and Brubank in Argentina, but these were ultimately unable to offer the service due to regulatory pressure.
Consumers in Latam are attracted not only to cryptography, but also to the digitization of money and payments as a tool in the region. Latam consumers were open to using emerging financial technologies such as biometric payments, contactless payments, and QR codes. In fact, 86% of these consumers had already used another payment method within the last year. This is very different compared to other countries, such as the United States, where 77% prefer to use traditional payment methods.
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