Mastercard, the global payment processor giant, released a report that found most Latam residents are familiar with cryptocurrency. More than half of Latam consumers know about cryptocurrency and have done at least one cryptocurrency transaction. A third of those surveyed said that they used stablecoins to pay for their purchases.
Mastercard Report shows that Latam can be used as a fertile ground for payment digitization
Mastercard recently released a report that revealed Latam’s potential for adopting new payment methods. New Payments Index 2022 found that 51% had done a cryptocurrency transaction. Because of some roadblocks and economic difficulties that consumers encounter when trying to transfer funds via traditional means, this is a result.
Similar results were found for stablecoins in Latam’s payments market. One third of consumers reported using stablecoins to make purchases.
Walter Pimenta is the vice president for products and innovation at Mastercard Latam.
Latin Americans have a greater interest in cryptocurrency, and are looking for solutions that will make it easier to access the crypto-world.
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Latam’s consumers were optimistic that cryptocurrency could be used as an investment vehicle. 54% of those surveyed agreed. The survey also revealed that two-thirds wanted more freedom to use crypto as well traditional digital payment methods.
Consumers in Latam are also supportive of the integration of cryptocurrency and existing financial institutions. According to the report, 82% would like to have cryptocurrency-related functions available from their current bank. Banco Galicia in Argentina and Brubank Argentina tried to do this but were ultimately unable to due to regulatory pressures.
The digitization of money, payments and crypto are attracting Latam shoppers. Emerging financial technology was openly explored by Latam residents, which included biometric payment and contactless payments as well as QR codes. In fact, 86% had used an alternate payment method in the last year. This is quite different from countries such as the U.S. where 77% would prefer to pay by traditional methods.
Let us know your thoughts on the Mastercard’s latest cryptocurrency and payments report. Leave a comment below.
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