Key facts:
MasterCard consulted more than 6,000 consumers in 10 Latin American countries.
Latinos prefer centralization, according to the MasterCard study.
MasterCard, one of the largest financial and banking services companies in the market, indicated that during the past year more than half of Latin Americans used bitcoin (BTC) and other cryptocurrencies to make payments, as part of a boom in digital finance on this side of the world.
in your report New Payments Index 2022, that was provided to the writing of CriptoNoticias, MasterCard points out that 51% of the 6,004 users and consumers consulted in 10 Latin American markets operated with cryptocurrencies in 2021, although they do not clarify with which one or which ones.
In any case, they suggest that Latinos are “optimistic about the value” of these assets, although “they are looking for more information and institutional support.” In fact, 77% of respondents said they would use crypto more if they just understood how to use it.
Something that MasterCard highlights is the Latin American desire for centralization. 67% of adults surveyed in 10 Latin American markets said they would feel “more confident”, to pay with cryptocurrencies, if they were backed by a “trusted financial organization”.
According to MasterCard, Latin Americans want more flexibility to alternate their traditional payment methods with emerging technologies. For example: 68% of them would like to be able to make their payments with cryptocurrencies 365 days a yearaccording to this company.
And 82% of these would like to be able to have the inherent functions of cryptocurrencies in the financial institutions with which they deal.
interest in the future
Something that MasterCard highlights is that in Latin America there is interest in the use of new technologies to pay for its products and services. In that sense, they state that 86% of those consulted used at least one digital payment method last year. 95% also said they were willing to use other methods during the next 12 months.
In Paraguay alone, MasterCard found that 79% of surveyed adults would expect to buy and pay for their goods and services using cryptocurrencies such as bitcoin. It is not by chance, because in that country there is a growing adoption, which also concerns Bitcoin mining, an activity that little by little is industrializing in that nation.
MasterCard also explains that Latinos turn to open banking and Fintech “more than they themselves know.” They maintain that those born in Latin America “They are more open to adopting digital tools than Americans or Europeans.” This, because 62% believe that digital tools, such as cryptocurrencies, allow better control of money.
MasterCard with concrete steps in the new economy
The MasterCard report, which confirms the high adoption of cryptocurrencies in Latin America, suggests the clear interest that this company has in the new ecosystem, of which it has already been a part through projects carried out on this side of the world.
As we have reported in CriptoNoticias, MasterCard has allowed companies linked to Bitcoin and based in Argentina to offer prepaid cards with cryptocurrencies, that can be used for virtual and physical purchases, as the case may be.
With MasterCard recognizing the use of cryptocurrencies in Latin America, there is nothing left but to wait for what this company can offer to Latin users, who adhere to the new economy every day.