51% Of Consumers in Latin America Have Transacted in Crypto- Mastercard Report

Vignesh Karunanidhi
Mastercard Ventures into Tokenized Bank Deposits with Multi-Token Network Pilot
Source: Blockchain News

Mastercard reports reveal that more than 51% of the consumers in Latin America have made a transaction with cryptocurrency. The cryptocurrency frenzy that slowly started growing during the period of the pandemic has spread robustly in Latin America.

Mastercard reports show the gravity of the interest in cryptocurrency among Latin Americans. The payment giant surveyed more than 35,000 people globally between March and April. The survey, called the Payments Index 2022, reveals that 51% of consumers have already made a transaction with cryptocurrency. One-third of them also stated that they had utilized stablecoins to make payments for day-to-day purchases.

Mastercard’s study reveals the growing interest in crypto

The new study mainly revolves around emerging new payments and the behavior of consumers around them. The study also shows the curiosity among consumers to learn more about the technology and the activity around blockchain, NFTs, cryptocurrencies, and DeFi.

“More and more Latin Americans are showing interest in cryptocurrencies and want solutions that facilitate access to the crypto world. At Mastercard, we are designing these solutions to expand digital inclusion and strengthening alliances that guarantee operability and support.”

Walter Pimenta, Executive VP

The success of digital assets as an investment is something that 54% of Latin American consumers feel confident in. Two third of the Latinos also prefer to juggle between crypto and traditional methods of payments in their daily operations.

Source: The Guardian

The study also shows that the consumers in the region are more confident in investing and doing payments in crypto if there is an organization that can back the process. 82% said they would prefer their present financial institution to offer them immediately accessible cryptocurrency-related services.

“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.”