Brazil is a country in Latin America with a population of 217 million, and a rapidly growing economy with a current GDP of USD 2.08 trillion. The country has a robust tech economy and talent pool, and has a global crypto adoption index rank of #7 as per Chainalysis 2022 index.
The penetration of credit cards in the country is 29% and their usage is widespread, though more popular in higher income segments. While debit cards are more in number, they are primarily used for cash withdrawal or utility purchases.
Alternate payment methods are very popular in Brazil with Boleto Bancario, Mercado Pago, Hyperwallet and Pix widely prevalent. Pix is a Brazilian bank-transfer payment method, that enables any citizen with a deposit, savings, or prepaid payment account to make payments and transfers in a few seconds, at any time, 365 days a year.
TransFi is focused on fiat-to-crypto onramp and offramp in emerging markets, with the widest suite of local payment methods in local currencies, 80%+ conversion rates, and with low fees. TransFi will be adding Pix and Boleto in Brazil to its offerings shortly, that will enable exchanges, wallets and DeFi protocols to offer their users the ability to buy and sell crypto with these popular payment methods.