More than half of Latinos have used cryptocurrencies as a means of payment, according to the results of a survey carried out by Mastercard in the region.
The report "New Payments Index 2022” from Mastercard shows that Latinos' interest in cryptocurrencies as a means of payment has increased by 27% since 2021.
According to the report, in the last year, 51% of the Latin population has used cryptocurrencies in financial operations such as the purchase and sale of goods and products.
Thanks to the fact that they facilitate access to the crypto world and offer speed and flexibility in payments, cryptocurrencies are becoming one of the most emerging payment methods in the region.
Mastercard noted that the use of cryptocurrencies as a means of payment is a growing trend in Latin America. It also indicated that 77% of respondents in the region are open to using cryptocurrencies more frequently, if they understood them better.
It may interest you: A city in Mexico will use Blockchain to maintain transparent public management
The Covid pandemic was a major catalyst for digital payment methods in Latin America. During the lockdown caused by this pandemic, the growth and adoption of digital payment methods, including cryptocurrencies, skyrocketed considerably.
In June of last year, research firm Comscore revealed that, from November 2020 to February 2021, the investment in cryptocurrencies In several Latin countries it had skyrocketed by up to 100%.
On the other hand, the firm Deloitte predicts that businesses will adopt cryptocurrencies as payment methods on a massive scale in the next two years.
Cryptocurrencies are more popular among young people
In Latin America, Cryptocurrency payments have become more frequent among the young population. Mastercard points out that this is due to the comfort felt by new generations, such as Millennial and Generation Z, with digital payment methods.
Young people are more familiar and accustomed to using contactless payment methods. Furthermore, a large part of the young population in Latin America is open and very interested in learning more about cryptocurrencies, which has made the popularity of these digital assets grow even more.
On the other hand, the results of the Mastercard survey indicate that Latinos are seeking support from financial institutions to easily access cryptocurrencies.
Boosting financial and digital inclusion
Walter Pimenta, executive vice president of products and innovation at Mastercard in Latin America and the Caribbean, indicated that Latinos are increasingly demanding solutions that facilitate access to the world of cryptocurrencies, to promote digital inclusion.
According to the results, 67% of Latinos would feel safer making payments with cryptocurrencies if they did so through a trusted entity. 69% indicated that they would invest in cryptocurrencies more openly through financial institutions.
However, while the availability of functions that allow you to directly access and invest in cryptocurrencies from financial institutions can increase the confidence of those less experienced in the crypto world, recent events in the market also remind us of the importance of custody and managing our own money. .
Great interest in innovations such as Blockchain, DeFi and NFT
Other financial innovations in the cryptocurrency industry, such as blockchain technology, decentralized finance (DeFi), and non-fungible tokens, or NFTs, are also of great interest among Latinos.
According to Mastercard, these technological innovations have seen significant activity in Latin America in the last year, with consumers increasingly eager to learn more about this digital ecosystem, the company noted.
Latinos are the ones who are making the most progress in crypto adoption
Compared to other populations around the world, Latinos are more open to payments innovation and cryptocurrencies as digital assets with monumental potential to scale flexible and efficient payments.
According to Mastercard, 77% of Americans and 74% of Europeans prefer to continue using traditional payment methods.
Mastercard's New Payments Index 2022 survey was applied to a total of 6.000 people in Latin America and 35.000 people around the world, in order to evaluate the appetite that exists among the population for emerging payment methods and how new technologies , including cryptocurrencies, are taking center stage.
Continue reading: A city in Mexico will use Blockchain to maintain transparent public management
