Are Brazilians willing to use cryptocurrencies for payments?

Welcome to our Tech Roundup, where we bring you the biggest technology and innovation stories in Brazil and Latin America. This week: Cryptocurrency players are launching new products and partnerships with the goal of getting investors to use digital assets as payments.

Brazilians increasingly willing to use cryptocurrencies for payments

There are no official statistics on how much Brazilians use cryptocurrencies and stablecoins in their daily lives, but data from global players and some of the latest moves from local fintech companies indicate that this behavior is becoming increasingly common.

Progress. Global companies like Binance have seen the number of cryptocurrency payment transactions skyrocket in Latin America. At the same time, large national operators, such as Foxbit and Mercado Bitcoin (MB), are forming partnerships and respectively seeking new licenses to launch new products, betting that more and more Brazilians will start using their crypto assets for payments.

By the numbers. The last one Global Payments Report of Worldpay by FIS shows that cryptocurrencies are still in their infancy for person-to-business (P2B) payments, despite growing consumer awareness of these assets as investments or stores of value. In 2022, they represented just 0.19% of the global value of e-commerce transactions (or $11.6 billion).

• However, according to a survey, the second largest segment among the 100 cryptocurrency companies with operations in Latin America in 2022 was payments (27.41%). relationship from the Cambridge Center for Alternative Finance and…

Fabiane Ziolla Menezes

Former editor-in-chief of LABS (Latin America Business Stories), Fabiane has more than 15 years of experience reporting on business, finance, innovation and cities in Brazil. The latter recently brought her back to the classroom and awarded her a Master’s degree in Urban Management from PUCPR. At TBR she keeps an eye on economic policy, disruptive businesses and the people driving innovation in Latin America.

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