Over 50% Consumers in Latin America Conduct Crypto Transactions, Survey Suggests
Attributed to convenience and flexibility, crypto adoption in Latin America is increasing, according to a study by payments giant Mastercard.
The survey dubbed Mastercard’s New Payments Index 2022 highlighted:
“51% of consumers in the region have already made a transaction with crypto assets, and more than a third say they have made a payment for an everyday purchase with stablecoin.”
Crypto optimism levels among Latino consumers are high because 54% are positive about digital assets being investment vehicles.
Mastercard’s New Payments Index study is conducted annually and scrutinizes consumer behaviour regarding emerging payment methods. This year’s survey was undertaken between March and April and interviewed more than 35,000 respondents across the globe.
Therefore, Latin Americans see cutting-edge technologies like crypto as an ideal payment option. Walter Pimenta, the Executive Vice President, Products and Engineering, Mastercard Latin America and the Caribbean, acknowledged:
“The future of payments is already here. Increasingly Latin Americans are turning to technology to conduct their financial transactions. This trend is expected to rise, with an overwhelming 95% planning to use a digital payment method in the coming year and 29% acknowledging having used less cash in the past year.”
Latin American consumers are also inclined towards open banking and fintech based on the convenience of managing their personal finances. Per the study:
“Nearly 50% of Latin American consumers already use digital channels for financial activities, and 78% of them are interested in flexible payment solutions that allow them, for example, to change the payment date of their bills, especially those with irregular incomes and millennials.”
Therefore, the crypto trend has been gaining steam in Latin America. For instance, 26% of Brazilians had invested in crypto in 6 months to tackle challenges like high inflation rates, according to a study by crypto exchange KuCoin.
Image source: Shutterstock
How Banking Difficulties Drive Crypto Adoption in Latin America