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The latest survey by Mastercard, the digital payment giant highlights that 51% of Latin American consumers have carried out at least one transaction with cryptocurrency, and more than 33% of them have utilized stablecoins for day-to-day purchases,
New Payments Index 2022, is what the study’s title is and it emphasizes on financial innovations like cryptocurrencies, blockchain technology, DeFi solutions, and Non-Fungible Tokens (NFTs) and evaluating consumer behavior regarding the emerging payment modes.
Furthermore, the survey says that in Latin America, 54% of Latino consumers are quite positive regarding the crypto’s performance as an investment. At the same time, two-thirds of Latinos call for a hybrid payment option that comprises both conventional payment and crypto methods for their daily operations.
Besides, Latinos were pretty driven by financial products related to cryptocurrencies. 82% of the folks highlighted that they would like to have crypto-related functions available directly from their present financial institution. Whereas the majority of consumers in the region were highly comfortable dealing with reliable organizations when it came to digital asset investments and payments.
If we talk about the willingness and flexibility to adopt new payment options, in comparison to Americans and Europeans, Latinos have demonstrated a higher degree of it.
And in contrast to more than 75% of consumers in Europe and America preferring conventional payment modes, 86% of Latinos utilized at least one emerging payment method, like biometrics, QR code, and virtual assets in 2021.
According to Mastercard, Latin America and the Caribbean’s executive vice president who expressed his thoughts on the constantly surging interest in new digital payment modes, the future of payments is already here.
And that Latin Americans are turning to technology to carry out their financial transactions and this trend is anticipated to increase, with 95% planning to utilize a digital payment mode in the coming year and 29% acknowledging having used less cash last year.
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