Binance, the leading blockchain and cryptocurrency infrastructure provider, has officially launched ‘Binance Pay’ in Brazil, enabling local merchants to offer a new alternative for payment that may help them attract new customers, increase processing speed and reduce costs.
Binance Pay is a contactless, borderless, and secure cryptocurrency payment option that supports over 70 cryptocurrencies, including Bitcoin, Ethereum and USDT. No are no fees required for use, while merchants and providers can accept payments using the solution to safely transfer funds from wallet to wallet in seconds.
Following the news, Brazil-based merchants can choose to receive the payment in the Brazilian Real or keep crypto in a wallet and benefit from the advantages associated with the asset. Users of Binance Pay could also top-up prepaid cell phones through Binance Pay on the exchange’s app.
The service comes in partnership with payment institutions licensed by the Central Bank of Brazil, which is responsible for the processing of payment activities.
Guilherme Nazar, general manager for Binance in Brazil, said: “Payment is one of the most popular use cases of crypto, which has seen a continuous increase in adoption.
“Companies and merchants can benefit from high processing speeds, low costs and security provided by this means of payment. We expect Binance Pay to be especially relevant for businesses in Brazil, as the country registers one of the highest crypto adoption increase rates. By accepting crypto as a payment method, they’ll increase the row of potential new consumers.”
Crypto growth across Brazil
According to a Deloitte survey, nearly three-quarters of US consumer businesses plan to accept crypto payments by the end of 2023, with 87 per cent agreeing that this will give them a competitive advantage.
Merchants in the region say accepting crypto is a way of supporting customers’ preferences, improving the user experience, attracting new clientele – particularly younger groups-, and helping define them as innovators.
This attitude also appears to be reflected across Brazil. In 2022, blockchain analysis company, Chainalysis, published the Global Cryptocurrency Adoption Index, revealing that Brazil ranks seventh in cryptocurrency adoption worldwide.
In Brazil, Binance Pay makes its debut with several partners, ranging from gaming store Weo Games, to the website builder WordPress, which offers the WooCommerce e-commerce plugin. Weo Games is also the first gaming platform in Latin America to accept cryptocurrency payments.
Since its initial launch in 2021, approximately 12 million global users have registered on Binance Pay, with over $98billion processed in payment volumes to date. Thousands of merchants worldwide, ranging from pharmacies to mobile data providers, have been integrated to accept our cryptocurrency payment solution.
In Argentina, Binance Pay partnered in March this year with travel agency Despegar, as well as Credencial Payments and remittance fintech Vita Wallet.