Latin America is most excited about Web 3.0 adoption

Web 2.0 had its share of Internet dominance and centralization in the past few years by profiting from its users’ content and using their data without a care. Users had no or very little control over their data and content due to the nature of Web 2.0 and its closed nature.

The Web 3.0 concept came right on time, enabling users to control their content and also giving them the chance to use this content however they like without being under the control of an authority. According to a report by Andreessen Horowitz, 1 billion people are expected to be using Web 3.0 platforms by 2031.

While Web 3.0 is taking over the Internet and being adopted by millions of individuals as well as states, some obstacles still need to be addressed.

So that most of the world's governments and most of the world's people can use Web 3.0, Web 3.0 projects need to know about local payment methods that are used and accepted in the relevant regions.

For example, game projects that offer the option to pay in U.S. dollars can adapt to specific regions, allowing people playing the game in Turkey to make purchases in Turkish lira and people from other places to pay in their local currency.

What are local payment preferences?

Local payment methods are the payment options preferred in the relevant regions. These methods might be bank transfers, credit or debit cards, digital wallets, or other methods used for transactions in stores or online.

If Web 3.0 businesses want to be successful around the world, they need to know and understand how people in different parts of the world like to do things.

As each region’s preferred method and regulations will be different, it is also no easy job to match all the requirements on a wider and global scale.

Brazil, for example, is a regional star for Web 3.0 projects as it is becoming a motherland for digital currencies, and has found a solution that enables instant payment. PIX was established by the Central Bank of Brazil in 2020.

Web 3.0 projects must work on connecting with local banks and regulatory authorities to stay up-to-date and keep in touch with their audiences.

During the COVID-19 pandemic, the world took notice of blockchain, and individuals who had no idea about it – and governments –got involved and interested in this new industry.

In Mexico, for instance, the system created by the Bank of Mexico is surging. SPEI is a system that enables large-value payment settlement, and Web 3.0 enterprises can use it to collaborate with banks or find a third party that will connect the banks to them directly.

In addition to this, flexible payment options such as contactless payment, gained importance during the COVID pandemic. Latin America is intensively using online payment methods. A good example of such online payment methods is the Mexican convenience store OXXO. The store has created an app through which customers can pay their bills online – this app now has more than 1.6 million users.

This shows again how important it is to keep up with new payment methods and technical changes in systems if you want to reach customers in a better way.

Latin Americans are very interested in cryptocurrencies, as they believe they can bring stability and benefit them in the future. Web 3.0 and crypto are expected to grow more in Latin America than in the rest of the world thanks to the market's interest in them, and this means great opportunities for Web 3.0 enterprises. However, they need to gain the trust of users to attract them because, just like elsewhere in the world, centralized systems have not benefited them at all in the past.

How can this trust be gained?

To keep customers coming back, businesses need to offer safe and easy ways to pay that work with the local and relevant currencies in that market.

With this approach, enterprises can build trust among local customers.

Users are also looking for fast and trusted payment mechanisms through which they can continue using the payment methods and currencies of their choice. If this can be established, there is no reason why small businesses will not succeed.

It is very important to onboard users to such platforms in an effective and effortless way. Users must be informed and guided through each step of the registration and payment processes so that they feel secure and safe. This means there is no room for any confusion, mistrust, or misunderstanding from the users’ point of view.

Although spreading fast throughout the world, Web 3.0 is still very new to everybody, and still has disadvantages and qualities that need improving.

Yet once such issues have been addressed and worked on, the possibilities and advantages they will bring to both individuals and nations are massive.

Web 3.0 will change how we pay, consume, socialize, invest, share, and earn – all  over the world.

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