Mastercard‘s report, titled “The State of Financial Inclusion post COVID-19 in Latin America and the Caribbean: New Opportunities for the Payments Ecosystem”, claims 79% of Latin Americans now have access to basic financial products, while 58% own a credit card.

In addition, three out of ten have access to other forms of credit, including loans, insurance or investment products.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Among the countries reporting a decrease in the use of cash, Argentina ranks first, marking a 20% reduction, followed by Brazil and Mexico (-17%). On the other hand, countries such as Peru and El Salvador, which are still in their earlier digitalisation stages, have reported a less drastic reduction of 8% and 5% respectively.

Despite the positive figures, the report states challenges remain among those still excluded from the financial system. According to Mastercard, only 59% of low-income respondents and 40% of respondents living outside major cities indicated having an account.

“Today, financial inclusion is a priority that goes beyond access. To be truly successful, financial services need to be widely utilised. Helping people and communities scale the financial inclusion ladder – from access to usage and beyond – is a critical component on the journey to reach new levels of economic prosperity”, said Marcela Carrasco, senior vice president of Market Development and Financial Inclusion in Latin America and the Caribbean at Mastercard.

Mastercard itself has been seeking to promote and enable a cashless ecosystem worldwide.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In May 2022, the giant partnered with OPay, a mobile-based payment platform in Nigeria, to expand services in the Middle East and Africa Region. More recently, in November 2022, it joined forces with SPENN, enabling SPENN mobile wallet users to carry out digital payments, including e-commerce transactions across the globe, on the Mastercard network.