51% of consumers in Latin America have already made a transaction with crypto assets and more than 1/3 say they have made a payment for an everyday purchase with a stablecoin, reveals Mastercard’s New Payments Index 2022.
The index is based on a survey conducted between March and April of this year among more than 35,000 people around the world.
In its second edition, the study shows that financial innovation – cryptocurrencies, DeFi solutions, blockchain, NFTs – registers significant activity in the region, with consumers eager to learn more about this ecosystem.
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According to the report, in Latin America:
- 54% percent of Latino consumers are optimistic about the performance of digital assets as an investment
- 2/3 of Latinos want greater flexibility to use crypto and traditional payment methods interchangeably in their day-to-day operations
- 69% of consumers in Latin America and the Caribbean would feel more confident investing in cryptocurrencies if they were issued or backed by a trusted organization
- 67% of consumers in Latin America and the Caribbean would feel more confident making / receiving payments in cryptocurrencies if they were issued or backed by a trusted organization
- 82% acknowledge that they would like to have cryptocurrency-related functions available directly from their current financial institution
- 86% of Latino consumers have used at least one emerging payment method in the past year
- While 77% of Americans and 74% of Europeans prefer traditional payment methods to newer ones, Latinos are willing to use emerging methods such as biometrics, digital currencies and QR code, in addition to contactless payments
- People under 40 and millennials are more likely to perceive emerging digital solutions as secure. While they still use them, people who grew up in traditional banking are more wary, which is – for all players in the payments chain – an opportunity to build trust.
Commenting on the report, Walter Pimenta, Executive Vice President, Products and Engineering, MasterCard Latin America and the Caribbean, said:
“The future of payments is already here. Increasingly Latin Americans are turning to technology to conduct their financial transactions and this trend is expected to continue 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.”
– VP, Products and Engineering, MasterCard Latin America and Caribbean
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