According to the Brazilian media outlet Livecoins, the adoption of crypto credit cards is on the rise in Brazil. It has been reported that more Latin Americans than ever before are buying and spending tokens, with Brazilians using coins to pay in stores instead of fiat. Binance’s Brazilian head, Guilherme Nazar, stated that cards such as Binance Card were “bringing cryptocurrencies into users’ day-to-day lives.” He went on to say that citizens were now using crypto-powered cards to buy bread at the bakery, pay for dinner with friends, and pay for taxi fares. Nazar also claimed that the card was helping Binance meet the demands of its local users. Binance also reported that “most” crypto cardholders use their coins to pay in supermarkets or grocery stores. Brazilians spend their crypto on public transport, streaming service subscriptions, and bills in cafes and restaurants.
Crypto Cards in Argentina
Binance also claimed that a “significant” number of users in Argentina were using crypto to pay in supermarkets, cafes, and restaurants. More Argentinians than Brazilians tend to use crypto to pay in retail stores. They also tend to use crypto to make more online purchases and digital payments.
Crypto Cards in Colombia
Binance offers its card services in Colombia, where it reports that customers “use crypto to pay in cafes and restaurants.” A growing number of traditional finance firms and crypto exchanges are now offering crypto cards in the region.
Fiat Inflation Sparks Interest in Crypto in LATAM
Some believe that fiat inflation has sparked an interest in crypto in Latin America. Last year, a MasterCard survey found that 51% of LATAM residents said they had “experience” with crypto. Visa has unveiled several crypto cards in the LATAM region, with some offering users Bitcoin (BTC) “cashback” rewards. Visa has also started working on CBDC “usage case” projects in Brazil this year. Nubank, the nation’s biggest neobank, is set to roll out its own token this year as part of a revamped loyalty points program. The bank will make use of the Polygon blockchain network to issue its token and plans to expand the use of its token beyond Brazil in the near future. A small number of Nubank customers in Brazil recently began receiving Nucoin tokens.
The adoption of crypto credit cards is on the rise in Latin America. Brazilians are using coins instead of fiat to pay in stores, and more Latin Americans than ever before are buying and spending tokens. Traditional finance firms and crypto exchanges are now offering crypto cards in the region, and some believe that fiat inflation has sparked an interest in crypto in LATAM. Visa and Nubank are among the companies that are rolling out their own tokens in the region.