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1 in 3 Mexican Firms ‘Have Crypto Pay Platforms in Place’

Tim Alper
Last updated: | 1 min read

Over a third of Mexican businesses say they have begun implementing systems that will soon allow them to accept payment in cryptocurrencies, per a new study.

Source: iStock/wwing

PwC Mexico reported that, as part of the company’s larger Global State of information Security Survey 2018, it has discovered that 38% of the Mexican companies it surveyed say they expect to begin using cryptocurrencies as a form of payment. Meanwhile, 33% of companies state that they have already developed or adopted pay platforms that will allow them to deal with cryptocurrency transactions.

The news comes after recent research from the Inter-American Development Bank (IDB) and Finnovista identified 1,166 Latin American fintech firms in 18 countries in the region, a rise of 66% on last year. Brazil now has 380 known fintech businesses, compared to Mexico’s 273. Colombia and Argentina are both home to over 100 fintech firms.

The IDB report’s authors stated that “two out of every three of these ventures is already in an advanced stage of development.”

This week, developers in Peru claimed to have released the country’s first “domestic 100% Peruvian cryptocurrency,” while Argentinian crypto-ventures say they have released a stablecoin pegged to the United States dollar.

Mexico leads the Latin America region for initial coin offerings (ICOs), and has won international acclaim for adopting a set of “business-friendly” fintech regulations, with blockchain experts talking of an emerging Mexican “crypto boom.”

Source: The World Bank