Two-thirds of Latin Americans would like to pay for their daily needs in cryptocurrencies, but with more flexible terms of use.
Mastercard has released the results of its New Payments Index 2022 survey. According to its findings, 51% of Latin Americans have experience using cryptocurrencies. More than 30% of respondents reported using stablecoins as a daily payment method.
In general, innovative financial instruments based on blockchain (cryptocurrencies, NFTs, DeFi services, and others) were in high demand in the region. Both the percentage of users and the request to study this sphere are growing. Researchers note that the growth will continue — 95% of respondents said they plan to use a digital payment method within the next year. Meanwhile, two-thirds of respondents voiced a request for more flexibility in using crypto and traditional payment methods interchangeably for their daily needs.
The survey results in numbers:
- 82% would like access to cryptocurrencies at financial institutions they already use;
- 69% would feel more confident if digital assets were issued or backed by a trusted institution;
- 54% find digital assets investable.
The survey was conducted between March and April 2022. Over 35,000 respondents from around the world participated in it. Among Latin Americans, the adoption rate for new payment methods was 86%. This includes not only cryptocurrencies, but also biometrics, QR codes, and contactless payments. For comparison, 77% of Americans and 74% of Europeans prefer traditional payment options.
Recall that according to the NYDIG Research Weekly study in 2021, the Bitcoin network processed more than $3 trillion worth of transactions — a figure second only to Visa and Mastercard. At the same time, a recent Valuechain study showed that the traditional banking system consumes 56 times more energy than the Bitcoin network.
