Cryptocurrencies offer the potential to be used as a hedge against inflation and as savings, which is the lens through which many institutions have come to look.

Digital currencies can also be used for various payments and spending.

Recently a survey revealed made by The company “Visa” with Brazilian media that 25% of all credit card users in Latin America would like to try payment in cryptocurrency if payment processors gave them the opportunity to do so.

The survey, which was supervised by Visa, sought to assess consumer trends during the closure and home quarantine after the spread of the Corona epidemic.

Survey data revealed that 78% of consumers expect to use new payment technologies in the future, including cryptocurrencies.

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Exactly 58% of users expect to pay with cryptocurrency via social networks (such as WhatsApp Pay or WeChat Pay).

42% expect future digital payment to be highly dependent on biometric information, i.e. digital transactions authenticated by fingerprints, retina or facial recognition.

Cryptocurrencies ranked third in importance, with 25% of users wanting to use them for payment.

Cryptocurrencies outperform other technologies, such as the Internet of Things by 22% and augmented virtual reality by 10%.

Latin America is already a world leader in terms of cryptocurrency adoption.

A recent study conducted by Chainalysis revealed that Venezuela and Colombia were at the top of the world rankings in this field.

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 up and running in Brazil before facing last-minute legal problems.

Venezuela has introduced instant SMS payment and offline digital payment service as well, and digital payment startups are very popular in Colombia.

Many habits have changed during the coronavirus pandemic, and consumers are starting to adapt to the changing retail landscape.

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The use of cash has decreased dramatically, and the demand for contactless payments has increased.

In addition, countries such as Argentina, Colombia, Peru, and even Venezuela are harnessing blockchain technologies for public projects.

In times of crisis, opportunities arise, and the fallout from the coronavirus may indeed provide a boost to crypto payments in the Latin American region.

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