Visa announced the results of a study conducted by Americas Market Intelligence in which it is revealed that the demand for faster or real-time payments in Latin America it is evident, since consumers and small and medium-sized enterprises (SMEs) in the region are requiring better, more agile and flexible ways of accessing their money.
According to the results, 60% of the consumers surveyed said that would like to switch to a faster payment method, while 52% of SMEs surveyed are likely to switch to real-time payments if given that option.
(See: The products offered by technology firms in the financial market).
In turn, 80% of consumers find faster payments attractive – interest is widespread, and higher among young and low-income consumers.
The research also found that while economies and communities in the region are struggling to recover from these difficult times, maximizing money flow has become an imperative daily for both consumers and SMEs.
Given that cash accounts for more than 30% of payments to consumers and yet 80% of consumers prefer a payment method other than banknotes and coins, the results of this study also clearly indicate the need for have an agile and modernized payment infrastructure.
(See: 60% of businesses have changed banks due to lower commissions).
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