Mastercard survey: 50% of Latin Americans use crypto

Mastercard survey
TL;DR Breakdown
  • Mastercard survey says 50% of Latin Americans transact with crypto
  • Mastercard survey hints at a strong stablecoin patronage
  • Latin America crypto adoption expected to rise

The usage of crypto has become widespread as digital assets have continued to gain ground across different countries worldwide. According to a recent Mastercard survey, more than half of its users have been using digital assets in their daily activities. According to the survey, most of the said users were located in the Latin American continent. However, the report highlights that there could be a host of reasons by the usage of the assets are into the roof. One such reason is inflation and other factors affecting the economy.

Mastercard survey hints at a strong stablecoin patronage

Before now, there has been a widespread connotation that digital assets have not been able to penetrate some countries. However, the new Mastercard survey has noted that most people are not looking deeply into these parts have people have continually adopted these assets. Latin America is one such continent at the top of the adoption chain.

In the Mastercard survey, a little above half of the respondents have recently used crypto for payments or purchases. One exciting fact is that more than half of the population used stablecoins to carry out their transactions. The Payment Index carried out earlier this year also showed a renewed interest in digital assets across the Latin America region.

Latin America crypto adoption expected to rise

With the rapid adoption rate, users are convinced that it is only a matter of time before more people are won over to the side. 54% of the respondents affirmed that they believe that digital assets would perform well, which will sway more people their way. In addition, the survey also buttressed the fact that users have at least made transactions with a specific type of digital asset over the last year. This metric shows that they have been up there in the same time frame, surpassing their compatriots from other parts of America.

However, this has been attributed to the standard payment practices used in the other parts of the continents concerning Latin America. A top executive at Mastercard chipped in by mentioning that users across the Latin American region already recognize the future of payments and are now embracing it. The executive also expects the trend to continue, stating that there could be as high as a 95% patronage in the coming year. Asides from crypto, users across the continent have been introduced to other forms of payments. However, the Mastercard survey showed that most would prefer a more navigable payment system.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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