A new study in Latin America has revealed that almost a third of Brazilians already own cryptocurrencies, mainly using apps to invest in digital assets. Fintech Rapyd, a global digital payments unification company, has just published the results of a study on e-commerce trends in the Latin American market. The survey included 3088 people who shop online at least once a month, in six countries: Argentina, Chile, Colombia, Mexico, Peru and Brazil. The survey identified that the most popular financial product in Brazil today is the credit card, with 82% of respondents having at least one. In second place, there is a group that is practically tangled up, which is current account (68%), savings account (68%) and debit card (67%).
Group of Brazilians who own cryptocurrencies already occupy at least 27% of the population
The largest country in Latin America, Brazil has continental proportions and, with an estimated population of 214 million people, continues to register the highest adoption of cryptocurrencies in the region. Although cryptocurrencies are not as popular as a credit card, the new Rapyd survey indicates that 27% of Brazilians already have some investment in the sector. For Rapyd CMO Marc Winitz, the data reveals that Latin Americans are digital payment oriented, which bodes well for the cryptocurrency market.
“The world is finally seeing what we’ve known to be true for years – Latin America is a hotspot for fintech innovation. When it comes to pay and receive, Latin American consumers operate with a digital-first mindset – and have already adopted innovative practices that the rest of the world is still adopting. Localized payment and disbursement in preferred local methods remains one of the most requested features we are seeing across the region and our research confirms this.”
Brazilians even prefer banking solutions such as e-wallets to DOC and TED, indicating a strong adherence to digital payment systems in the country.
At least 26% of people already use cryptocurrency applications in Brazil
Regarding financial apps, respondents were asked which they had used in the last 30 days. And in Brazil, another technical tie in the lead: banking apps (74%) and digital wallets (73%) were the most cited. A little behind, the applications for the cards appeared (62%). Subsequently, the Brazilians mentioned cryptocurrency-related applications as usual resources (26%), which already represent more than investment funds (24%). Credit and loan applications (14%) and financial management (11%) are the ones that Brazilians in this segment use the least. The study also indicated that only 37% of the Latino population has a formal bank account. At the same time, 60% consider themselves innovative in the use of technology and want to use fintech solutions. In the future, the executive of Rapyd, an Israeli company, indicates that this data should help companies that hope to offer products and services in the region.
“These unique market dynamics create a huge opportunity for regional and global companies looking to expand their reach and presence across Latin America. Looking ahead, companies that succeed and win in the region need to understand and accommodate LATAM consumers who expect to receive payments in their preferred method, with an emphasis on speed, security and data protection.”