Binance Pay’s launch in Brazil offers businesses a swift, cost-effective method to accept 70+ cryptocurrencies, enhancing transactions and customer appeal.
The top blockchain and cryptocurrency infrastructure provider, Binance, has formally launched “Binance Pay” in Brazil, giving local businesses a new payment option that may help them draw in more customers, speed up transaction times, and cut expenses.
Over 70 cryptocurrencies, including Bitcoin, Ethereum and USDT, are supported by Binance Pay, a contactless, global, and secure cryptocurrency payment option. There are no costs associated with using the service, and businesses and services can accept payments by using it to quickly and safely move money from one wallet to another.
As a result of the announcement, businesses in Brazil have the option of accepting payments in Brazilian Reals or keeping cryptocurrency in a wallet and taking use of its advantages. On the exchange’s app, Binance Pay users may also top up prepaid mobile phones.
The Central Bank of Brazil, which is in charge of processing payments, has granted licenses to payment institutions that provide the service.
“Payment is one of the most popular use cases of cryptocurrency, which has seen a continuous increase in adoption,” said Guilherme Nazar, general manager of Binance in Brazil.
“This method of payment offers high processing rates, cheap costs, and security, all of which are advantageous to businesses and retailers. Given that Brazil has one of the strongest rates of cryptocurrency acceptance growth, we anticipate that Binance Pay will be extremely important for enterprises there. They’ll attract more prospective new customers by embracing cryptocurrency as a form of payment.
Brazilian crypto market expansion
Nearly 75% of US consumer businesses intend to accept cryptocurrency payments by the end of 2023, and 87% believe that doing so will provide them a competitive edge.
Accepting cryptocurrency, according to local businesses, is a method to cater to customer preferences, enhance the user experience, draw in new customers, especially younger ones, and position them as innovators.
This mindset also seems to be present throughout Brazil. Brazil ranks ninth in the world for cryptocurrency adoption, according to the Global Cryptocurrency Adoption Index issued in 2022 by blockchain intelligence company Chainalysis.
With the help of a number of partners, including the website builder WordPress and the e-commerce plugin WooCommerce, Binance Pay makes its debut in Brazil. The first gaming website in Latin America to accept cryptocurrency payments is Weo Games.
Over 12 million users have enrolled on Binance Pay since it first launched in 2021, and over $98 billion worth of payments have been completed to date. Our bitcoin payment solution has been integrated to accept payments from thousands of retailers globally, from pharmacies to mobile data providers.
Binance Pay teamed with the travel operator Despegar, Credencial Payments, and the remittance fintech Vita Wallet in March of this year in Argentina.
