potential for growth in the crypto market.
The survey polled nearly 300 payment leaders from around the world and found that while the adoption of cryptocurrency payments is expected to increase globally, Latam merchants will be slower to adopt the technology. The study suggests that massive crypto adoption for payments will solidify in three years, but Latam will lag behind other regions.
According to the report, the main reason for the slower adoption in Latam is the lack of regulatory clarity and infrastructure. The study found that merchants in other regions have a more favorable regulatory environment and better infrastructure to support cryptocurrency payments.
Despite the challenges, the study also found that there is a growing interest in cryptocurrency payments among Latam merchants. The report suggests that as regulatory clarity and infrastructure improve, more merchants in the region will adopt cryptocurrency payments.
Ripple, a leading blockchain payments company, has been working to promote the adoption of cryptocurrency payments in Latam. The company has partnered with several banks and financial institutions in the region to provide faster and cheaper cross-border payments using blockchain technology.
The Faster Payments Council, on the other hand, is a U.S.-based organization that aims to improve the speed, efficiency, and security of payments in the country.
The study’s findings highlight the need for regulatory clarity and infrastructure development to promote the adoption of cryptocurrency payments in Latam. As the region continues to grow and develop, it is expected that more merchants will adopt cryptocurrency payments, leading to a more efficient and secure payments ecosystem.
