A new report released by Mastercard, the payment giant, has found that most consumers in Latam know what a cryptocurrency is. The report states that more than half of consumers in Latam have at least made a transaction with cryptocurrency. Also, a third of the respondents stated to use stalemate to make payment.
Mastercard Report Finds that Latam Is A Fertile Land for Pay Digitization
A report recently released by Mastercard revealed that Latamo is fertile ground when it comes to adopting new payment systems. The report, titled New Payments Index 2022, found that 51% of consumers in the area have already made a transaction involving cryptocurrency. This is due to the economic situation and roadblocks that some consumers face when they try to move finances by traditional methods.
Similarly, the report found that stable currencies were a vehicle with some penetration in the payment market in Latam. A third of consumers in the area reported making a purchase using stalemates.
Walter Pimenta, vice president of products and innovation for Mastercard Latam and the Caribbean, stated:
More and more Latin Americans are showing interest in cryptocurrencies and want solutions that facilitate access to the crypto world.
The study also found that Latam consumers are optimistic about the use of cryptocurrency as an investment vehicle, with 54% of respondents having this opinion. Similarly, two-thirds of respondents wanted to have more flexibility using crypto and traditional digital methods to make payments.
Latino consumers are also in favor of integrating current financial institutions and cryptocurrency. According to the report, 82% would like to have crypto currency features available from their current bank. There were attempts to do so, with Banco Galicia and Brubank in Argentina, but these ultimately failed to provide the services due to regulatory pressures.
Latino consumers are not only attracted by crypto, but also by digitization of money and payments as a tool in the region. Latvian consumers have been open to using emerging financial technology, including biometric payments, contactless payments and QR codes. In fact, 86% of these consumers have already used an alternative payment method over the last year. This is very different compared to other countries, such as the United States, where 77% prefer to use traditional payment methods.
What do you think of the latest report on crypto and payments published by Mastercard? Tell us in the comments section below.
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