The post-covid era gives impetus to crypto and investment funds

The study prepared by Mastercard indicates that the first formal financial product that people adopted between 2021 and 2022 were cryptocurrencies. The survey found that 46% of respondents acknowledged going to those digital assets, while 34% preferred investments.

Before the pandemic, the data was 23% and 12%, respectively.

“With the sophistication of the user and the digitization of payments, more people are starting to use crypto,” Thiago Dias, senior vice president of Fintech for the Latin American region at Mastercard, said in an interview.

Despite the fact that the consumer in Latin America seeks new forms of payment, according to the specialist, the king continues to be cash. However, with the penetration of mobile phones, digital payment methods continue to grow.

By studying more specific products such as investments, credit, insurance, cryptocurrencies and Buy Now Pay Later (BNPL) adoption accelerated last year, according to the firm.

Fintechs have played a central role, according to Dias, but the advance of inclusion is not only due to fintech players. It has to be a job for large companies and the government, he points out.

Mexico, laggard

When lowering the survey data to Mexico, the country is lagging behind in the adoption of means of payment such as credit cards, in which fintechs play a relevant role.

While 39% of the Mexican population has a credit card, in countries like Argentina the percentage is 74%.