Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Research from Mastercard indicates that approximately 43% of all remittances in the LATAM region are conducted using digital assets.
As per Mastercard’s findings, the rate of digital remittance adoption in Latin America is experiencing significant growth. In 2023, around 43% of all remittances in the area were executed with digital assets.
The driving force behind the increasing interest in digital payments among residents is the rising availability of financial tools. Mastercard’s analysts discovered that roughly 79% of LATAM inhabitants possess bank accounts or debit cards. Additionally, 88% of Latin Americans with bank accounts actively utilize mobile devices for fund transfers.
Related Posts
The report states that official remittances to Latin America amounted to $146 billion in 2022, with licensed remittance platforms representing only about 5% of all transactions in the region. This low figure is closely linked to the transfer costs. Mastercard analysts report that the average expense for sending remittances to Latin America is 5.8% of the total amount, and in less affluent areas, it can reach 25.5%.
The elevated remittance fees contribute to the growing popularity of digital assets in the region. Payment systems like MoneyGram and Stellar, which facilitate USDC transfers, along with SBI Remit, which employs Ripple for money transfers, are highly favored in Latin America.
It is noteworthy that the global average for the use of digital assets in remittances stands at 52%. The figure for Latin America still requires improvement, as the absence of regulatory clarity regarding cryptocurrencies and certain technological challenges hinder widespread adoption of this technology in LATAM.
Latin America boasts one of the highest rates of cryptocurrency adoption globally. Over half of local crypto users prefer utilizing centralized exchanges (CEXs) for fund transfers, with the majority being conducted using BTC and stablecoins.
Сообщение Nearly Half of Remittances in LATAM Made with Digital Assets появились сначала на CoinsPaid Media.
