Experience in dealing with cryptocurrencies is increasing
According to the latest survey by digital payment giant MasterCard, 51% of consumers in Latin America have made at least one cryptocurrency transaction, and more than 33% of them use stablecoins in their daily purchases.
The study, titled The New Payments Index 2022, focuses on financial innovations such as cryptocurrencies, DeFi solutions, blockchain and NFT and aims to assess consumer behavior in relation to emerging payment methods.
Latinos are interested in cryptocurrency:
According to the study, 54% of Latino consumers are optimistic about the performance of cryptocurrencies as an investment.
Meanwhile, two-thirds of Latinos want a mixed payment option that includes both crypto and traditional payment methods for their day-to-day operations.
Besides, Latinos have been actively motivated by crypto-related financial products.
82% said they would like to provide functionality related to cryptocurrency directly from their existing financial institution.
In addition, the majority of consumers in the region have felt more comfortable dealing with trusted entities when it comes to payments and investments in cryptocurrency.
Compared to Europeans and Americans, Latinos have shown a higher degree of flexibility and willingness to adopt new payment options.
In contrast to the more than 75% of consumers in Europe and America who prefer traditional payment methods, 86% of Latinos have used at least one emerging payment method, in the past year.
The Executive Vice President of MasterCard in Latin America and the Caribbean commented on the ever-increasing interest in new digital payment methods, saying:
Latin Americans are increasingly turning to technology to conduct their financial transactions, and this trend is expected to continue to rise, with 95% planning to use a digital payment method in the next year and 29% admitting to using less cash.
Financial instability leads to the adoption of cryptocurrencies: Financial instability and rising inflation are probably the main reasons behind the deep dive into digital assets of some South American countries.
With the Argentine peso already suffering from inflation, more than 73% of Argentines see cryptocurrency as the most efficient savings mechanism in two years.
By @natalia-irish
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