Mastercard recently conducted a crypto survey titled “New Payments Index 2022” in March and April of 2022. With nearly 35,000 participants from around the globe, they found some interesting insights. The report states that 51% of Latin Americans have made at least one crypto transaction. At the same time, nearly 1 in every 3 Latin Americans have used stablecoins for daily purchases. It shows how Latin Americans are incredibly positive about crypto.
Latin America and cryptocurrency
Latin Americans also want more options to access the crypto world and take a step ahead in their digital journey. The “New Payment Index 2022” survey suggests that 54% of Latin Americans were positive about the performance of cryptocurrencies in the future, even after the market downturn. They are also inclined toward using crypto and traditional payment methods alternatively on a daily basis.
Mastercard’s survey shows that if a trusted organization backs cryptocurrencies, 69% of participants would be more confident in investing in them. At the same time, 67% would feel safer about using it for transactions. In fact, 4 out of 5 Latin Americans would prefer having cryptocurrency services directly from the financial company they transact with, like banks or firms.
The survey also found that Latin Americans have been more perceptive and open to new payment methods as compared to Americans and Europeans. Around 86% of Latin Americans used at least one emerging payment method in 2021 as compared to 77% of Americans and 74% of Europeans. It doesn’t stop there, as almost 95% of Latinos are expected to use digital payment methods in upcoming years. The dependency on cash as a payment medium is going down drastically.
A general trend in crypto adoption
A common thing about crypto adoption in most countries is the economic situation they are in. Nations facing high inflation rates, low GDP growth, and an overall slower economy have adopted crypto much more proactively than stable countries. For example, Venezuela and Argentina, which have been facing major inflation problems, consider crypto an effective way to save money. Most countries do not have any other option. Take Venezuela as an example; it is even sanctioned by the US and is not allowed to use their payment services.
What are your thoughts as Mastercard’s survey shows that Latin Americans are incredibly positive about crypto? And what are your thoughts on the general trend of crypto adoption? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.