World’s biggest crypto exchange, Binance has launched its Binance Pay service in the Latin American country of Brazil. The new service will enable local merchants to offer a new alternative for payment that may attract new customers, increase processing speed, and reduce costs.
Binance Pay is a payment service launched by Binance in 2021. The service makes contactless, borderless, and secure cryptocurrency payment possible with over 70 cryptocurrencies, including bitcoin (BTC), BNB, ether (ETH), and USDT. Users will also be able to recharge prepaid mobile credit through Binance Pay on the exchange app.
The service is free, as users don’t pay any fees for transactions, and it is a fast alternative that allows merchants to transfer funds between wallets in seconds. With the launch in Brazil, local merchants can choose to receive payments in Brazilian Real, or in crypto directly to their wallets.
Speaking on the launch, 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 now benefit from high processing speeds, low costs, and security provided by Binance Pay. We expect this launch 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.”
Making payments easier
Cryptocurrencies have several use cases, one of which is payments. Over the years, crypto payments have become increasingly popular because of the ease, speed, and low cost of using cryptocurrencies for payments.
According to a Deloitte survey, nearly three-quarters of US consumer businesses plan to accept crypto payments by the end of 2023, with 87% agreeing that this will give them a competitive advantage.
Accepting crypto can be a great way for merchants to support customers’ preferences, improve user experience, and attract new clientele through innovation.
Binance has contributed immensely to the development of the crypto payment industry with Binance Pay. Brazil is the 7th country in the world in terms of crypto adoption as at 2022, which means the launch of Binance Pay in the country couldn’t be more timely.
Partners from Weo Games, the first gaming platform in Latin America to accept crypto payments, Valorant, and League of Legends (Riot Games), to website builder WordPress, will be working with Binance Pay in Brazil to serve users.
Other partnerships
Binance Pay has already been established in Latin America, and this Brazilian launch will further strengthen its operations. It entered a partnership with travel agency Despegar and later with Credencial Payments and remittance fintech Vita Wallet in March this year.
It also announced partnership with Despegar in Mexico in May and Colombia in July. Through this launch, Binance Pay will be rendering its service in partnership with payment institutions duly licensed by the Central Bank of Brazil, which are ultimately responsible for the processing of payment activities.
To use the service, users in Brazil only have to follow a similar process as they do with public-powered fiat payment method, Pix, while merchants can add the Binance Pay entry point to their checkout flow.
This will give Brazilians a more secure and seamless shopping experience, while merchants will reach a wider user base as more Brazilians are willing to adopt crypto.