- As digital payments are embraced, consumers want to see more flexibility in using crypto and traditional payments interchangeably
- Latin Americans are ready to use emerging payment methods such as biometrics, digital currencies and QR code
According to a new Mastercard survey, Latin American consumers are looking for more services related to crypto and digital payments.
About 51% of survey respondents in the region have already made a transaction with crypto, and more than a third say they have made a payment for a daily purchase with a stablecoin, according to the survey on new payment methods released. this week.
Latino consumers are also embracing emerging payment technologies – the survey found that around 86% have used at least one emerging payment method in the past year.
While 77% of Americans and 74% of Europeans prefer traditional payment methods over newer ones, Latin Americans are willing to use emerging methods such as biometrics, digital currencies and QR code, in addition to wireless payments. contact.
“More and more Latin Americans are turning to technology to conduct their financial transactions, and this trend is expected to continue to grow, with an overwhelming 95% planning to use a digital payment method during the year. coming and 29% acknowledging that they used less cash in the past year,” Walter Pimenta, executive vice president of products and engineering for Mastercard Latin America and the Caribbean, said in a statement.
The findings are based on a survey conducted between March and April 2022 of more than 35,000 people worldwide.
According to Mastercard, more than half of Latin American consumers are optimistic about the performance of digital assets as an investment. Two-thirds want greater flexibility to use crypto and traditional payment methods interchangeably in their day-to-day operations – a growing trend for consumers and businesses.
“We certainly see consumer interest, but more so merchant interest in accepting crypto to earn crypto — not necessarily to convert it back to fiat,” said Elion Chin, co-creator of the electronic payment system. peer-to-peer Nimiq, at Blockworks.
Meanwhile, Mastercard found that support from financial institutions for crypto could also boost consumer confidence in the space: around 69% of people in Latin America and the Caribbean would feel more confident about investing – and 67% would feel comfortable making or receiving payments in crypto. – if “they were issued or supported by a trusted organization”.
Another 82% of respondents acknowledge that they would like crypto-related functions to be available directly from their current financial institution.
El Salvador became the first country to adopt bitcoin as legal tender last year. In other countries like Colombia, Mexico, Costa Rica, Panama, Argentina, Brazil and Chile, more and more real estate companies allow buyers to buy or rent houses with bitcoins and other cryptocurrencies.
In April, Colombian delivery app Rappi, with operations in nine Latin American countries, partnered with Bitpay and Bitso to launch a crypto payment pilot program in Mexico as a first foray into payment adoption. crypto.
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More Than Half Of Latin Americans Have Paid With Crypto
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