Crypto․com Provides Apple Pay Support for Visa Cards in Brazil
- Brazil has one of the fastest-growing crypto markets in South America.
- Apple Pay support is only available to Crypto.com users in Brazil who own Visa cards.
- Users can use any Apple device, such as the iPhone, iPad, or Apple Watch, to make payments.
Cryptocurrency exchange Crypto.com announced in a blog post released on Tuesday, March 7th, that it has added support for Apple Pay for users who reside in Brazil and hold Visa cards. The Apple Pay support will allow users to pay for their daily needs on apps, websites, and in stores with Apple devices such as the iPhone, Mac, iPad, and Apple Watch.
The announcement noted that “the use of the Crypto.com Visa Card, and the use of it through Apple Pay, are subject to and governed by the respective applicable terms and conditions of Crypto.com, as updated or amended by Crypto.com in our sole discretion from time to time.”
Crypto.com is one of the growing lists of crypto service providers operating in Brazil. The exchange received a Payment Institution License from the Central Bank of Brazil in December, which enabled it to offer regulated fiat wallet services in the Latin American nation.
Crypto.com CEO Kris Marszalek noted that “Brazil and the entire Latin American market are significant regions in the pursuit of our vision of cryptocurrency in every wallet.” Interestingly, crypto activities in Brazil have seen a boom in recent years, with exchanges such as Binance and Coinbase seeing the country as their main South American market.
According to Receita Federal, the Brazilian tax office, locals sold $11.4 billion in stablecoins between January and November 2021, nearly tripling the amount traded in 2020. Brazilians also favor Tether (USDT), which they spent $9.7 billion buying between January and November 2021.
While Brazilians have embraced crypto as a hedge against their declining currency, Brazil’s warm policy is the driving force behind the arrival of foreign exchanges. Before leaving office, President Jair Bolsonaro approved a bill to legalize the use of cryptocurrencies as a form of payment in Brazil.
Although Brazil will not allow its citizens to use cryptocurrencies like Bitcoin as legal tender, the bill defines a number of digital currencies as acceptable payment methods in Brazil. It also provides a licensing system for companies that provide services related to virtual assets and imposes fines for fraud involving digital assets.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
