One out of four Latin Americans want to pay with crypto

Latin Americans want cryptocurrencies, and not just as hedge against inflation or savings. They want to be able to spend them too, as was revealed in a recent VISA survey.

The survey shows that 25% of all credit card users in Latin America would like to experiment with cryptocurrencies if they would have the opportunity to do so.

The survey data revealed that 78% of consumers expect to use new payment technologies in the future, which include cryptocurrencies.

58% of the respondents expect to make payments through social networks (such as WhatsApp Pay or WeChat Pay). 42% also expect biometric payments, transactions authenticated by fingerprints, retinas or facial recognition.

Cryptocurrencies are ranked third in order of importance, with 25% of users eager to use the technology. Digital assets outperform other technologies such as the Internet of Things at 22% and virtual/augmented reality (VR/AR) at 10%.

Latin America is already a frontrunner in terms of cryptocurrency adoption. In a recent study by Chainalysis it was revealed that Venezuela and Colombia are in a leading position in the adoption. Several start-ups have emerged in the region thanks to the use of cryptocurrencies to facilitate remittances, loans and other transactions.

Payment solutions have advanced in other regions as well. For example, WhatsApp Pay was ready to roll out in Brazil before facing last minute legal problems. Venezuela has enabled an instant SMS payment service and an offline crypto payment service, and digital payment start-ups are very popular in Colombia.

A lot has changed since the start of the coronavirus pandemic, and consumers have started to adjust to an altered retail landscape. With the closure of retail and other businesses with emerging online purchases, the use of cash decreased considerably and online and contactless payments increased.

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