The number of cash-only consumers or those without a financial account has decreased dramatically in Latin America (LATAM), a new Mastercard report has revealed.
According to new data from ‘The State of Financial Inclusion post COVID-19 in Latin America and the Caribbean: New Opportunities for the Payments Ecosystem,’ the number of people without an account across seven countries in the region has fallen from 45% to 21%.
The research, which was conducted in partnership with Americas Market Intelligence (AMI) and took place between November 2022 and January 2023, also suggests that financial inclusion is not evenly distributed. 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 utilized. 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, Market Development, Financial Inclusion, Latin America and the Caribbean.
To read more about “The State of Financial Inclusion post COVID-19: New Opportunities for the Payments Ecosystem”, download the report here.
