Monday, January 17

Visa survey reveals rising interest in cryptocurrency payments in Latin America

Visa revealed in a recent survey that the growing population in Latin America wants to pay with emerging solutions, such as cryptocurrencies, for example.

Latin America is the region that comprises countries that speak Spanish, Portuguese and French, that is, it is the junction of South and Central America.

And this region has drawn worldwide attention for the widespread adoption of cryptocurrencies as a means of payment. In El Salvador, for example, any transactions can be made in Bitcoin, a currency that became legal tender in September.

In Venezuela, the government has legalized transactions with cryptocurrencies in recent years, although there is no law to do so. Cuba is another country that already allows, through a recent measure of the local central bank, the use of cryptocurrencies for transactions, being a measure to avoid the use of Dollars among the population.

In countries like Brazil, Argentina and Mexico, the largest in Latin America in terms of economy, the situation turns out to be promising, with more companies accepting these as a means of payment. Mercado Pago is a large company that operates in these countries and already allows the purchase of Bitcoin, but it should soon release options as a means of payment on the Mercado Livre.

Visa survey reveals increased interest in paying with cryptocurrencies among Latin American population

According to Visa’s fourth wave of research entitled “Consumer Mindset,” it was identified that people want more innovative payment methods in their lives.

Among them, proximity payment was one of the main highlights (57%), as well as digital wallets in physical stores (48%) and online purchases (45%). But these consumers are looking for even more innovation in their lives.

According to the survey released by Visa, an example is the growing popularization of payments between people (P2P) in the region, with 55% of respondents interested in the ease of configuration that P2P platforms offer.

For Vanesa Meyer, vice president and head of Innovation and Design for Visa Latin America and the Caribbean, the data shows that people want facilities for their lives, which reflects in a search for better means of digital payments with innovative technologies.

“With these new insights, we clearly see that, more and more, LAC consumers have embraced a digital mindset and, more than ever, are looking for convenience, reliability and ways to make life easier.”

Asked whether they are willing to adopt new payment solutions, many said yes, placing cryptocurrencies among the highlights.

The study shows that respondents are interested in using payment methods such as biometrics (35%), augmented/virtual reality (28%), cryptocurrencies (22%), purchases via IoT (21%), voice technology/virtual assistants (18%), wearables (18%) and even implants (13%) in the next six months.

People are intrigued by cryptocurrencies

As for the use of cryptocurrencies and their growing interest in Latin America, one of the reasons for this is that companies in the region are starting to accept it as a means of payment.

So, because cryptocurrencies are good at protecting the identity of payers and are compatible with current technologies, many people are keeping an eye on the industry.

Many said they are intrigued when they see other people using cryptocurrencies for payments, which gets even more attention.

Anyway, only 12% of respondents believe it is easy to pay with cryptocurrencies and instantly, showing that most do not yet know or understand how this works.

Thus, for Meyer, the survey shows that there is room for competition in Latin America for companies that offer these solutions, and it is important to help consumers understand the details of each type of payment offered.

“All of this data shows that there is room for the right competitors to enter the market and make these emerging technologies more accessible and understandable to LAC consumers. Today, more than ever, we all need to understand these new desires and expectations so that we can co-create intelligent products that offer added value to the entire ecosystem and meet the region’s new needs.”

Visa is a company with an eye on the cryptocurrency market, as is its main competitor, Mastercard.