According to a recent research by payment processing juggernaut Mastercard, the majority of Latam consumers are aware of what bitcoin is. According to the research, more than half of Latam customers have at least engaged in cryptocurrency-related transactions. Additionally, a third of those polled admitted to using a stablecoin to make a payment.
Latam Is a Fertile Ground for Payment Digitization, According to a Mastercard Report
According to a recent analysis by Mastercard, Latam is an ideal region for implementing new payment methods. The New Payments Index 2022 survey discovered that 51% of local customers have previously conducted a bitcoin transaction.
This is due to the state of the economy and challenges that consumers have when attempting to transfer money through conventional channels.
In a similar vein, the research discovered that stablecoins were a vehicle that had some acceptance in the Latam payments sector. A third of the local customers say they had bought anything with stablecoins.
The survey also indicated that customers from Latam are positive about using cryptocurrencies as an investment vehicle, with 54% of respondents expressing this attitude, according to Walter Pimenta, vice president of products and innovation for Mastercard Latam and the Caribbean, stated:
More and more Latin Americans show interest in cryptocurrencies and want solutions that facilitate access to the crypto world.
In a similar vein, two-thirds of those polled said they would want to have additional payment options, including traditional digital ways and cryptocurrencies.
The survey also discovered that Latam consumers are upbeat about using cryptocurrencies as an investment instrument, with 54% of respondents holding this view. In a similar vein, two-thirds of those polled said they would want to have additional payment options, including traditional digital ways and cryptocurrencies.
Consumers in Latin America are likewise in favor of combining traditional banking institutions with cryptocurrencies. 82 percent of respondents to the survey said they would prefer their existing bank to offer services connected to cryptocurrencies. In Argentina, Banco Galicia and Brubank made attempts to achieve this, but eventually were unable to deliver the services owing to regulatory pressures.
The digitalization of money and payments as a tool in the area is drawing customers from Latam in addition to crypto. Consumers in Latin America were receptive to embracing emerging financial technologies including QR codes, biometric payments, and contactless payments. In actuality, 86% of these customers utilized an alternate payment method in the previous year. In contrast, 77 percent of Americans prefer to utilize traditional payment methods, which is a significant difference from other nations like the U.S.