Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, launched Binance Pay in Brazil today, 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, BNB, Ethereum and USDT. Users pay no fees, while merchants and providers can accept payments using a solution that safely transfers funds from wallet to wallet in seconds. Brazil-based merchants can choose to receive the payment in Real or keep crypto in their wallet and benefit from the advantages associated with the asset.
Guilherme Nazar, general manager for Binance in Brazil, said:
“Payment is one of the most popular use cases of crypto, which has seen 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.”
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. Merchants 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.
The Global Crypto Adoption Index, a report published by leading blockchain analysis firm Chainalysis, shows Brazil figuring in 7th place in crypto adoption worldwide.
Since its first launch in 2021, Binance Pay has reached over 12 million active users , with over $98 billion processed in pay volumes to date.Thousands of merchant partners around the world, from pharmacies to mobile data providers, have been onboarded to accept our crypto payment solution.
In Brazil, Binance Pay debuts with a few partners, from Weo Games, a gaming store that includes popular games such as Freefire (Garena), Fortnite (Epic Games), Valorant and LoL (Riot Games), to website builder WordPress, which offers the e-commerce plugin WooCommerce. Weo Games is the first gaming platform in Latin America to accept crypto payments.
Users of Binance Pay may also possible recharge prepaid cell phones through Binance Pay on the app of the exchange. Latam Gateway is Binance’s payment service provider in Brazil.
In Argentina, Binance Pay partnered in March this year with travel agency Despegar, and later with Credencial Payments and remittance fintech Vita Wallet. It also announced its partnerships with Despegar in Mexico in May and Colombia in July.
Binance Pay is a service performed in partnership with payment institutions duly licensed by the Central Bank of Brazil, which are ultimately responsible for the processing of payment activities.
How to integrate Binance Pay
To pay their shopping with crypto, consumers in Brazil adopt a similar path they follow for public-powered fiat payment Pix. Merchants can add the Binance Pay entry point to their checkout flow.
Customers can pay via Web checkout or Binance App upon scanning QR Code. For each purchase, they are allowed to select the token available in their wallet for payment, selecting the most suitable at the moment. Companies and merchants willing to integrate the service may do so by accessing Binance Pay
Why use Binance Pay
Integrating Binance Pay allows merchants to:
● Reach a broader customer base: by accepting cryptocurrencies as payment, merchants can cater to a growing market of crypto-savvy shoppers who prefer using digital currencies over traditional payment methods.
● Enhance security: Binance Pay offers both merchants and customers a secure and reliable payment solution, ensuring that transactions are safe.
● Offer a seamless shopping experience: Integrating Binance Pay allows merchants to provide a smooth, user-friendly checkout process for customers who prefer making crypto payments
About Binance
Binance is the world’s leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit www.binance.com.
