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PRESS RELEASE

July 14, 2026 | Panama

 

Debit cards in Panama: An option with great potential for everyday use

Did you know that six out of 10 people in Panama prefer to pay with debit, but there are still myths that limit its use?

According to Mastercard's 2026 State of Digitalization and Financial Inclusion Study, six out of ten people say they prefer to pay with debit. However, cash still accounts for 48% of personal consumption spending, highlighting a gap between consumer preference and the everyday use of digital payment methods.

This reality reflects a shared challenge in the region. In Latin America and the Caribbean, 89% of consumers already use digital payment solutions in their daily lives; however, situations persist where they resort to cash, even when they would prefer to pay digitally. In fact, 59% say they have to use cash at least once a month due to a lack of alternatives, while 87% consider it crucial that more businesses and individuals accept digital payments.

“In Panama, we continue to see more people incorporating digital payments into their daily lives. Mastercard Debit cards have become a gateway to more secure payments, greater financial control, and benefits designed to support different moments of everyday life," said Soledad Rovira, country manager of Mastercard for Panama and Belize. "The next step is to ensure they can use them wherever and whenever they need to. That's why we will continue working to expand acceptance and strengthen trust in digital payments, bringing more Panamanians closer to the benefits of an increasingly connected economy."

In this context of growth, Mastercard seeks to continue promoting increasingly informed debit card use, clarifying perceptions and highlighting its benefits. Therefore, below we present some myths and realities that allow for a better understanding of its value in everyday life in Panama.

Myth 1: Debit cards do not protect against fraud

Fact: Mastercard Debit cards are backed by global security standards and state-of-the-art cybersecurity and fraud prevention technologies, integrating predictive and generative Artificial Intelligence to monitor and analyze transactions in real time, strengthening protection against potential fraud. This makes using debit not only convenient but also secure.

Myth 2: Debit cards offer no benefits

Reality: Debit cards offer value beyond just payments. They provide tangible benefits such as discounts, promotions, and experiences at partner merchants, as well as 24/7 global support services. Furthermore, they enable a more secure, convenient, and connected payment experience within the digital ecosystem.

Myth 3: It only works with national currency

Fact: Both Mastercard debit and credit cards allow you to make purchases both domestically and internationally. They work worldwide and automatically convert currency for purchases in physical stores and online, simply and securely.

Myth 4: It doesn't work with digital wallets

Fact: Mastercard debit cards can be easily integrated into digital wallets, enabling secure, contactless payments from your mobile phone. Thanks to tokenization, the actual card details are not shared during payment. Instead, unique identifiers are used, adding an extra layer of security to digital and contactless transactions.

Myth 5: Paying with debit makes it harder to control my spending.

Reality: On the contrary, debit cards can be a tool for better money management. Each transaction generates a record that allows you to track expenses, maintain traceability of how resources are used, and have greater visibility into your financial activity. This helps people stay in control of their finances and make more informed decisions in their daily lives.

 

“At Mastercard, we believe that expanding the acceptance and use of digital payments in everyday life is key to continuing to move towards a more efficient and connected economy," Rovira said. "Every digital transaction not only simplifies the experience for individuals and businesses, but also strengthens trust in a payments ecosystem that continues to evolve in the country."

To help more people and businesses take advantage of the benefits of digital payments , Mastercard works with banks, merchants, fintechs, and other ecosystem players to develop solutions that facilitate the acceptance of digital payments and help more small businesses integrate into this transformation, contributing to the development of a safer, more accessible payments ecosystem that is better prepared for the new needs of Panamanian consumers and businesses.

Media contact

 

Ana García, CCK Centroamerica

a.garcia@cckcentroamerica.com

About Mastercard

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

www.mastercard.com