LAGOS (CoinChapter.com) — A new study has found that Latin Americans are increasingly turning to technology to conduct their financial transactions as 95% of consumers in the region are planning on using digital payment options from 2023.
The study which was carried out by Mastercard indicated that a significant amount of Latinos was already using digital assets. Notably, a significant amount of Latino consumers have used at least one emerging payment method in the past year.
The study entitled ‘Mastercard’s New Payments Index 2022’, polled over 35,000 people globally between March and April of this year. It revealed that Latin Americans are increasingly using cryptocurrency for their financial transactions and this trend is expected to surge.
Furthermore, the survey indicated that Latin American consumers desire the flexibility and convenience that digital assets provide. It revealed that 51% of consumers in the region already used digital assets and more than a third of Latin American consumers have used stablecoin for regular purchases.
Walter Pimenta, Mastercard Latin America executive Vice President of products and engineering, reiterated the growing use of crypto in the region. He said:
“More and more Latin Americans are showing interest in cryptocurrencies and want solutions that facilitate access to the crypto world.”
77% Of Americans Prefer Traditional Payment To Emerging Technologies
Meanwhile, the survey also revealed that consumers in Latin America are embracing crypto assets more than United States-based consumers. It stated that 77% of American consumers prefer traditional payment methods to newer ones.
Similarly, 74% of consumers in Europe also prefer traditional payment options to newer ones. However, 86% of Latino consumers have used at least one emerging payment method in the past year.
Additionally, the survey noted that 82% of Latinos would like to have cryptocurrency-related services available directly from their financial institution. Also, around 70% of respondents noted that they would invest in cryptocurrencies if they were backed by a trusted organization.
Moreover, 54% percent of respondents are optimistic about the performance of digital assets as an investment. Just as about 50% of Latin American consumers already use digital channels for financial activities. This indicates that Latinos are familiar with fintechs and open banking, allowing them to conveniently manage their personal finances.
People Under 40 And Millennials More Likely To Embrace Digital Solutions, Mastercards Survey Says
In a similar development, the survey also indicated that more than an average of every Latino prioritizes security. It disclosed that biometrics is emerging as an option to find that balance between convenience and security.
Notably, three out of four Latin Americans find biometric technologies more secure than PINs, passwords or other forms of identification. Additionally, the survey indicates that People under 40 and millennials are more likely to perceive emerging digital solutions as secure.
“People who grew up in traditional banking are earlier of new forms of payment, which is – for all players in the payments chain – an opportunity to build trust.”
The survey stated.
