Survey: More Than Half of Latin Americans Have Paid With Crypto

Latin American consumers are looking for more crypto- and digital payments-related services, according to a new survey from Mastercard


Source: Shutterstock


key takeaways

  • While digital payments are being embraced, consumers want to see more flexibility in the use of crypto and traditional payments interchangeably
  • Latin Americans are willing to use emerging payments methods such as biometrics, digital currencies and QR code

Latin American consumers are looking for more crypto- and digital payments-related services,  according to a new survey from Mastercard. 

Around 51% of survey respondents in the region have already made a transaction with crypto, and over one-third say they have made a payment for an everyday purchase with a stablecoin, according to the survey of new payment methods released this week. 

Latino consumers are also embracing emerging payment technologies — the survey found about 86% have used at least one emerging payment method in the past year. 

While 77% of Americans and 74% of Europeans prefer traditional payment methods to newer ones, Latin Americans are willing to use emerging methods such as biometrics, digital currencies and QR code — in addition to contactless payments.

“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,” Walter Pimenta, Mastercard Latin America and the Caribbean’s executive vice president of products and engineering, said in a statement.  

The findings are based on a survey conducted between March and April 2022 among more than 35,000 people around the world.

More than half of Latin American consumers are optimistic about the performance of digital assets as an investment, according to Mastercard. Two-thirds want greater flexibility to use crypto and traditional payment methods interchangeably in their day-to-day operations — a growing trend for both consumers and businesses. 

“We definitely see consumer interest, but even more so merchant interest in accepting crypto to earn crypto — not necessarily to convert it back to fiat,” Elion Chin, co-creator of peer-to-peer electronic cash system Nimiq, told Blockworks. 

Meanwhile, Mastercard found financial institutions’ support of crypto could also boost consumers’ confidence in the space: About 69% of people in Latin America and the Caribbean would feel more confident investing — and 67% would feel comfortable in making or receiving payments in crypto — if “they were issued or backed by a trusted organization.”

Another 82% of respondents acknowledge they would like to have crypto-related functions available directly from their current financial institution.

El Salvador became the first country to adopt bitcoin as legal tender last year. In other countries like Colombia, Mexico, Costa Rica, Panama, Argentina, Brazil and Chile, more real estate companies allow homebuyers to purchase or rent homes in bitcoin and other cryptocurrencies.

In April, Colombian delivery app Rappi, with operations in nine Latin American countries, partnered with Bitpay and Bitso to launch a crypto payment pilot program in Mexico as a first foray into crypto payment adoption.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend


Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million