A new Mastercard study on digitalization and financial inclusion in Latin America and the Caribbean has found that digital participation has become mainstream across the region, with 89 percent of consumers now qualifying as digital users—a milestone that signals a significant shift in financial behaviour.
The research indicates that the next phase of financial inclusion will depend less on access alone and more on how confidently and consistently people and small businesses can use digital payments to manage daily life, grow their finances, plan for the future, and achieve overall financial health. Momentum is also building among those still outside the ecosystem, with 68 percent of non-users stating they are “somewhat or very likely” to adopt digital payments in the future.
Brandspur Banking News Desk notes that debit has emerged as the region’s most trusted everyday payment tool, anchoring digital behaviour across high-frequency transaction categories. Groceries account for 34 percent of debit transactions, followed by restaurants and cafés at 33 percent, phone bills at 27 percent, and ride-sharing services at 26 percent.
Despite widespread adoption, cash remains persistently present in daily moments, with nearly half of consumers—47 percent—having used cash in the past six months. The study found that 87 percent of consumers wish more stores and people would accept digital payments, while 59 percent report that at least once a month they are forced to use cash when they would prefer to pay with a card or digital device.
Trust and security emerged as critical conditions for growth. Among digital users, 95 percent said security is important when choosing a payment method, and 94 percent cited trustworthiness as a key factor. For hesitant consumers, stronger security features would make 43 percent more likely to use digital payments, alongside clearer problem protection at 38 percent and better customer support at 36 percent.
Andrea Scerch, President of Mastercard Latin America and the Caribbean, stated that digital participation in the region has reached a new level, and inclusion is no longer just about bringing people into the financial system but ensuring the system works for them every day. Scerch emphasised that the focus must be on making digital payments work reliably in the moments that matter most, from groceries and coffee to commuting and household expenses.
Mastercard has committed to connecting and protecting 500 million more people and small businesses on their pathways to financial health by 2030, recognising that financial progress is a journey from making everyday payments to gaining tools that help households manage expenses and enable businesses to grow and absorb shocks. The company is focused on closing the acceptance gap through solutions including Contactless, Tap on Phone, and Click to Pay, helping merchants of all sizes accept digital payments securely and reliably across physical and digital touchpoints.
