{"id":20230,"date":"2023-06-08T21:55:29","date_gmt":"2023-06-09T01:55:29","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-card-adoption-rising-in-brazil-say-issuers\/"},"modified":"2023-06-08T21:55:30","modified_gmt":"2023-06-09T01:55:30","slug":"crypto-card-adoption-rising-in-brazil-say-issuers","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20230","title":{"rendered":"Crypto Card Adoption Rising in Brazil, Say Issuers"},"content":{"rendered":"
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Crypto credit card adoption is on the rise in Brazil, issuers have claimed, with more Latin American users than ever reportedly buying and spending tokens.<\/p>\n

Per the Brazilian media outlet Livecoins, Brazilians are not just buying crypto, but also using coins, instead of fiat, to pay in stores.<\/p>\n

The media outlet quoted Binance\u2019s Brazilian head Guilherme Nazar as stating that cards, such as the Binance Card, were \u201cbringing cryptocurrencies into users\u2019 day-to-day lives.\u201d<\/p>\n

He claimed that citizens were now \u201cbuying bread at the bakery, paying for dinner with friends, and paying for taxi fares\u201d using crypto-powered cards.<\/p>\n

Nazar added that the card was helping Binance \u201cmeet the demands of [its] local users.\u201d<\/p>\n

The exchange giant further claimed that \u201cmost\u201d crypto cardholders use their coins to pay in supermarkets or grocery stores.<\/p>\n

Binance also claimed that Brazilians spend their crypto on public transport, as well as streaming service subscriptions.<\/p>\n

And, the firm said, customers also pay bills in cafes and restaurants in crypto.<\/p>\n

Crypto cards typically make use of fiat-to-crypto technology that ensures vendors receive fiat, while customers use funds from their crypto wallets.<\/p>\n

Not Just Brazil? LATAM Crypto Adoption Growing<\/h2>\n

The exchange added that in Argentina, a \u201csignificant\u201d number of users were using crypto to pay in supermarkets, cafes, and restaurants.<\/p>\n

And more Argentinians than Brazilians tend to use crypto to pay in retail stores.<\/p>\n

They also tend to use crypto to make more online purchases and digital payments.<\/p>\n

The exchange offers its card services in Colombia, where it claims customers \u201cuse crypto to pay in cafes and restaurants.\u201d<\/p>\n

A growing number of tradfi firms and crypto exchanges are now offering crypto cards in the region.<\/p>\n

Last year, Visa unveiled several crypto cards in the LATAM region, with some offering users Bitcoin (BTC) \u201ccashback\u201d rewards.<\/p>\n

Visa also began working on CBDC \u201cusage case\u201d projects in Brazil this year.<\/p>\n

Nubank, the nation\u2019s biggest neobank, is set to roll out its own token this year as part of a revamped loyalty points program.<\/p>\n

The bank will make use of the Polygon blockchain network to issue its token.<\/p>\n

And it will look to expand the use of its token beyond Brazil in the near future.<\/p>\n

A small number of Nubank customers in Brazil began receiving Nucoin tokens earlier this month, AaronturaTV reported.<\/p>\n

The firm recently claimed to have reached the 1 million customer mark in Mexico.<\/p>\n

Some believe that fiat inflation has sparked an interest in crypto in LATAM.<\/p>\n

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Last year, a MasterCard survey found that 51% of LATAM residents said they had \u201cexperience\u201d with crypto.<\/p>\n<\/p><\/div>\n