50% of Latin American consumers have used cryptocurrency, according to Mastercard

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Across 35,000 people from all over the world participated in the poll, which was conducted between March and April of this year.

According to the most recent poll by a global leader in digital payments, Mastercard, 51 percent of Latin American customers have engaged in at least one transaction using crypto assets, and over 33 percent of them have utilized stablecoins for regular purchases.

The “New Payments Index 2022” survey focuses on financial innovations such as cryptocurrencies, DeFi solutions, blockchain, and NFTs and seeks to gauge consumer attitudes toward new payment technologies.

Interest in cryptocurrencies among Latin Americans

According to the survey, Latino consumers in Latin America are positive about the performance of digital assets as an investment to 54%. Furthermore, two-thirds of Latinos favor a hybrid payment option that combines cryptocurrencies and conventional payment methods for everyday transactions.

In addition, financial items linked to cryptocurrencies actively motivated Latinos. “Have cryptocurrency-related functions available directly from their present banking institution,” stated 82 percent of respondents. Additionally, when it came to crypto payments and investments, the majority of consumers in the area preferred working with “trusted firms.”

Latinos have shown more flexibility and openness to accept new payment methods than Europeans and Americans. For example, 86 percent of Latinos used at least one innovative payment technique, such as biometrics, digital currencies, and QR codes, last year, compared to over 75 percent of consumers in Europe and America who preferred traditional payment methods.

Crypto adoption is prompted by financial instability

Some South American nations may have invested heavily in digital assets due to financial instability and growing prices. For example, over 73 percent of Argentinians believed cryptocurrency to be the most effective saving method two years ago due to the peso’s declining value and escalating inflation. This viewpoint is consistent with the widely held belief that Bitcoin is a store of value, an inflation-hedged investment, or simply a form of digital gold.

Venezuela, which is subject to severe US sanctions and prohibited from using most major international payment systems, adopted cryptocurrencies to send and receive money while evading the restrictions imposed by the US government.

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