Mastercard study shows growing use of digital payment methods in Puerto Rico
According to the study, 40% of surveyed Puerto Ricans prefer debit or credit cards for in-person purchases.
Mastercard presented new research on the payment behavior of Puerto Rican consumers, revealing a growing adoption of digital payment methods on the island.
According to the study, 40% of surveyed Puerto Ricans prefer debit or credit cards for in-person purchases. These cards are also the preferred option for online purchases, with 67% favoring them.
“At Mastercard, we’re proud to lead this transition toward increasingly convenient, secure and fast payment experiences. Our commitment is to ensure that all Puerto Ricans, across the island, can connect to the digital economy and enjoy its benefits,” said Pablo Cuarón, country manager for Puerto Rico at Mastercard.
The report highlighted that security, acceptance and convenience are key factors driving Puerto Ricans to adopt new payment methods:
- 98% of surveyed Puerto Ricans consider security important or very important when deciding how to pay in person and online.
- 55% always choose the safest available payment method for online purchases.
- Nearly 11% of Puerto Ricans have already activated two-factor authentication to protect their transactions.
- Additionally, 53% of surveyed Puerto Ricans prefer the most convenient payment methods available, while 42% prefer the fastest checkout options.
To address Puerto Ricans’ preference for secure payments, Mastercard has implemented a “holistic cybersecurity strategy ” that utilizes data analysis and artificial intelligence to identify vulnerabilities in advance and deploy automatic protection shields.
Mastercard stated it will “continue working with all stakeholders in the payment ecosystem, including financial institutions, fintechs, merchants and governments, to develop innovative solutions that address the needs of all Puerto Ricans and enable them to enjoy the benefits of the digital economy.”
The study, which included markets such as Argentina, Brazil, Chile, Paraguay, Peru, Uruguay, Ecuador, Colombia, Panama, Costa Rica, Mexico, Dominican Republic, Jamaica, and Puerto Rico, was conducted between Nov. 1, 2023, and April 2, 2024. It surveyed 9,009 adults aged 18 and older, with 603 participants from Puerto Rico.
