Binance, a leading provider of blockchain and cryptocurrency technology, has recently released Binance Pay in Brazil. This new payment option offers exciting opportunities for local businesses to attract new customers, streamline their transactions, and minimize costs.
Binance Pay, a cutting-edge contactless and secure alternative to conventional payment methods, supports more than 70 cryptocurrencies, including well-known ones like USDT, bitcoin (BTC), and ether (ETH). The user is not charged anything, but vendors and service providers have access to a system that enables quick, second-by-second wallet-to-wallet transfers. Brazilian-based businesses have the option of receiving payments directly into their wallets in either Brazilian Reals or cryptocurrencies.
“Crypto-based payments have been experiencing an unceasing surge in adoption, particularly for transactions,” said Guilherme Nazar, general manager of Binance in Brazil. The launch of Binance Pay is allowing businesses and merchants to experience fast transactions, increased efficiency, and total security. As cryptocurrency use in Brazil has grown exponentially, this new service is projected to make a major impact on Brazilian business operations. By taking cryptocurrencies as payment methods, they will have access to a broader customer base.
A study conducted by Deloitte showed that come 2023, around three-quarters of businesses in the US that are consumer-oriented would be accepting payment through cryptocurrency. 87% of those surveyed believed that such action would give their business an upper hand on the competition. Taking up cryptocurrencies as a valid form of payment can be beneficial for organizations since it will accommodate customer preferences and also add value to user experiences while simultaneously bringing in new customers with its innovative offerings.
Brazil was ranked seventh in the world when it came to the use of cryptocurrencies, as revealed by Chainalysis, a top blockchain analysis firm, in their Global Crypto Adoption Index report for 2022.
Since 2021, Binance Pay has attracted a huge number of users, with more than 12 million active users, and processed an impressive payment volume of over $98 billion. Many merchant partners across different sectors, such as pharmacies and mobile data providers, have integrated Binance’s cryptocurrency payment solutions into their services.
With the help of a number of partners, including Weo Games, a gaming store that sells merchandise for well-known games like League of Legends (Riot Games), Free Fire (Garena), and Valorant, Binance Pay is making its debut in Brazil. Additionally, WordPress, a platform for creating websites, and its WooCommerce e-commerce plugin have partnered with Binance Pay. Weo Games is notable for being the first gaming platform in Latin America to accept cryptocurrency payments.
Binance Pay users will have the ease of topping up their prepaid mobile phone plans directly through Binance’s exchange app.
Earlier in 2020, Binance Pay established collaborations with the travel agency Despegar in Argentina. It then teamed up with Credencial Payments and Remittances fintech Vita Wallet. This expansion was extended to Mexico in May and Colombia in July when Binance also partnered with Despegar again.
In Brazil, Binance uses Latam Gateway as its payment service provider. The Central Bank of Brazil has authorized and sanctioned Binance Pay, which is jointly responsible for processing payment transactions.
Brazilian consumers have chosen to use Binance Pay, which follows a similar pattern to the popular fiat payment method, Pix. Companies and vendors who wish to use this service can find instructions for integration on the Binance Pay website. When customers go through the checkout process, they will be able to pay with their Web or App by scanning a QR Code. This system gives buyers the choice of selecting any token from their wallet that is relevant to that purchase, giving them even more flexibility.
Binance Pay offers many benefits:-
- Increasing Customer Base: Businesses can tap into a rapidly expanding demographic of crypto-enthusiasts, who opt for digital currencies over traditional ones, by allowing them to pay with cryptocurrencies.
- Improving Security: Binance Pay offers a dependable and secure payment channel, guaranteeing transaction security for both customers and vendors.
- A seamless shopping experience: By integrating Binance Pay, retailers can provide customers with a quick and simple checkout procedure.
- Brazil’s vibrant economy is poised for a major impact with Binance Pay; it is a pioneering payment system that caters to both consumers and businesses.