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According to a survey conducted by digital payments giant Mastercard, 51% of consumers in Latin America have conducted at least one transaction with crypto assets, and more than 33% of them used stablecoins for everyday purchases.
The new payments index 2022 document focuses on financial innovations – cryptocurrencies, DeFi solutions, blockchain and NFT, and assesses consumer behavior regarding new payment methods.
In Latin America, it is reported that 54% of Latin American consumers are optimistic about the effectiveness of digital assets as investments. What’s more, two-thirds of Latinos want a hybrid payment option for everyday transactions that includes both cryptocurrency and traditional payment methods.
In addition, Latin Americans actively tested financial products related to cryptocurrencies. 82% said they would like to see “cryptocurrency-related features available at their financial institution.” Moreover, most consumers in the region are more comfortable dealing with “trusted firms” when it comes to cryptocurrency payments and investments.
Compared to Europeans and Americans, Latin Americans have shown a higher degree of flexibility and willingness to accept new payment methods. In contrast to the more than 75% of consumers in Europe and America who prefer traditional payment methods, 86% of Latin Americans last year used at least one new payment method, including using biometric data, digital currencies and a QR code.
Financial instability and rising inflation are likely the main reasons why some South American countries have turned to digital assets. Two years ago, more than 73% of Argentines, affected by the fall of the national currency peso amid rampant inflation, considered cryptocurrencies the most effective savings mechanism.
This view is in line with the popular view that bitcoin is a hedge against inflation or simply digital gold, which is also a store of value.
Venezuela, which is under severe sanctions from the US government and deprived of access to major international payment services, has adopted cryptocurrencies not only as a store of value, but also as a means of sending and receiving money in circumvention of economic sanctions.
#Latin #Americans #transactions #cryptocurrency
