😱 Puerto Rico🇵🇷: how demand for digital payments is growing

😱 Puerto Rico🇵🇷: how demand for digital payments is growing

According to Mastercard's latest study, “State of Digitalization and Financial Inclusion”, 88% of Puerto Ricans would like more businesses or people to accept digital payments, while 58% use cash at least once a month, while preferring to make payments electronically.

➡️ Among respondents who reported having a bank account, 84% used traditional banking services during the past 6 months, while 77% used digital financial services or fintech services.

➡️ Debit cards were the most widely used payment method (63%), followed by bank transfers (56%) and digital wallets (50%).

➡️ 83% said they trust digital service providers to handle their money and data, while 82% reported feeling safer carrying less cash.

➡️ Only 6% of respondents said they currently do not use digital payments. However, among this group, 65% said they would likely start using them in the future.

➡️ One important point: the sample size is relatively small. The figures cited come from a survey of 405 adults aged 18 and over. The study's authors report a margin of error of ±5 percentage points, with a 95% confidence level.

➡️ Context:

⭐️ Puerto Rico is a U.S.-linked jurisdiction🇺🇸 with the status of an "unincorporated organized territory." It is under U.S. sovereignty but is not an integral part of the country. The U.S. Constitution applies there on a limited basis, and ultimate authority rests with Congress, while the territory has its own system of self-government. Puerto Rico has a population of approximately 3.2 million and its GDP is USD 31,603.

⭐️ Regarding the fintech sector, a list of the largest and most active fintech companies operating in Puerto Rico can be found here. The range of available services is broad, but the study's findings suggest that the availability and acceptance of digital payments are not yet keeping pace with consumer demand.

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