MasterCard Report Show 51% of Latin Americans Used Crypto Assets Between March and April 2022
- According to the survey by MasterCard, the New Payments Index annually evaluates consumer behavior concerning emerging payment methods.
MasterCard Inc. (NYSE: MA) through its New Payments Index 2022 report has revealed that 51 percent of Latin Americans used crypto assets between March and April of 2022. Additionally, the company has revealed that more than a third say they have made a payment for an everyday purchase with stablecoin
Notably, MasterCard conducted a study on more than 35,000 people around the world.
According to the report, the rate of crypto-asset adoption in Latin Americans has experienced a sharp uptick in the past few years. The report was reiterated by Walter Pimenta, executive vice president, Products and Engineering, Mastercard Latin America and the Caribbean
More and more Latin Americans are showing interest in cryptocurrencies and want solutions that facilitate access to the crypto world. At Mastercard, we are designing these solutions to expand digital inclusion and strengthen alliances that guarantee operability and support,” Walter noted.
MasterCard New Payments Index 2022
According to the survey by MasterCard, the New Payments Index annually evaluates consumer behavior concerning emerging payment methods. Worth noting, that the Latin American region has significantly adopted digital assets, led by El Salvador.
The report highlighted that approximately 54 percent of Latin Americans are optimistic about the performance of crypto assets as an investment vehicle. Much importantly, approximately two-thirds of Latin Americans want greater flexibility between crypto-assets and traditional payment methods.
Notably, the report highlighted that more than 60 percent of the respondents feel safe investing in a cryptocurrency backed by trusted and known organizations.
Meanwhile, approximately 77 percent of Americans and 74 percent of Europeans prefer traditional payment methods to newer ones, according to the report.
“The future of payments is already here. Increasingly Latin Americans are turning to technology to conduct their financial transactions and this trend is expected to continue to rise, with an overwhelming 95% planning to use a digital payment method in the coming year and 29% acknowledging having used less cash in the past year,” Pimenta added.
Takeaway Points
Traditional financial institutions are now moving towards crypto assets following increased demand from their customers. Studies by Chainalysis have revealed colossal amounts of money from institutional investors meant for DeFi projects.
It is no coincidence that the crypto market has received huge backing and adoption based on its underlying blockchain technology.
The Latin American countries find the crypto assets as safer and cheaper means of value transfer. Besides, the level of liquidity guarantees most crypto users of holding the top crypto assets.
The crypto market is still trading below $1 trillion in total market capitalization. According to market data provided by CoinGecko, the total crypto market cap stands at $956 billion.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
