Cryptocurrencies provide the possibility of using them as a hedge against inflation and using them as savings, a lens through which many institutions have come to view.
Digital currencies can also be used for various payments and spending.
Recently, a survey conducted by Visa with Brazilian media revealed that 25% of all credit card users in Latin America would like to try paying in cryptocurrencies if payment processors gave them the opportunity to do so.
The survey supervised by Visa sought to assess consumer trends during lockdowns and home quarantines after the outbreak of the Corona epidemic.
Survey data revealed that 78% of consumers expect new payment technologies to be used in the future, including cryptocurrencies.
Also, the majority of users expect exactly 58% to pay in cryptocurrency through social networks (such as WhatsApp Pay or WeChat Pay).
While 42% expect that future digital payment will depend largely on biometric and biometric information, that is, digital transactions that have been authenticated by fingerprints, retina, or facial recognition.
Cryptocurrencies ranked third in importance, with 25% of users wanting to use it for payment.
Cryptocurrencies outperform other technologies, such as the Internet of Things by 22% and augmented reality by 10%.
Latin America is already a world leader in adopting cryptocurrencies.
A recent study conducted by the company “Chainalysis” revealed that Venezuela and Colombia were at the top of the world ranking in this area.
Many startups and technology solutions in the region have grown thanks to the use of cryptocurrencies to facilitate transfers, loans, and other financial transactions.
Payment solutions have also advanced in other areas.
For example, WhatsApp Pay was operational in Brazil before facing legal problems at the last minute.
Venezuela has offered an instant SMS payment service and an offline digital payment service as well, and emerging digital payment companies are very popular in Colombia.
Many habits have changed during the coronavirus pandemic, and consumers are starting to adapt to the changing retail landscape.
The use of cash decreased dramatically, and the demand for contactless payments increased.
Additionally, countries such as Argentina, Colombia, Peru, and even Venezuela are harnessing blockchain technologies for public projects.
In times of crisis, opportunities emerge, and the consequences of the Coronavirus may indeed provide a boost to cryptocurrency payments in the Latin American region.