Binance has introduced Binance Pay in Brazil. This move allows local merchants to present a fresh payment alternative that has the potential to draw in new customers, expedite transaction processing, and decrease costs.
Binance Pay is a secure, borderless, and contactless option for crypto payments, supporting a wide array of over 70 cryptocurrencies, including bitcoin (BTC), BNB, ether (ETH), and USDT. Users are exempt from fees, while merchants and providers can welcome payments through a solution that facilitates secure fund transfers from one wallet to another within seconds. Merchants in Brazil can choose to receive payments either in Brazilian Real or directly in cryptocurrency to their wallets.
Guilherme Nazar, the general manager for Binance in Brazil, stated: “Crypto payment has consistently gained traction as one of the most popular applications for cryptocurrencies. Companies and merchants can now leverage Binance Pay to take advantage of swift processing speeds, cost-effectiveness, and enhanced security. This launch is particularly impactful for Brazilian businesses, given the country’s notable surge in crypto adoption. By embracing crypto as a payment method, they can tap into a broader pool of potential consumers.“
A Deloitte survey reveals that nearly three-quarters of US consumer businesses are planning to accept crypto payments in 2023, with 87% recognizing this move as a competitive advantage. Incorporating a crypto payment option can be a strategic way for merchants to align with customer preferences, enhance user experience, and attract new customers through innovation.
Since its initial launch in 2021, Binance Pay has garnered more than 12 million active users, processing pay volumes exceeding $98 billion to date. Numerous merchant partners worldwide, spanning from pharmacies to mobile data providers, have adopted Binance‘s crypto payment solutions.
In Brazil, Binance Pay is introduced in collaboration with selected partners. These include Weo Games, a gaming store featuring products from popular games such as Free Fire (Garena), Valorant, and League of Legends (Riot Games), and WordPress, a website builder offering the e-commerce plugin WooCommerce. Notably, Weo Games stands out as the first gaming platform in Latin America to embrace crypto payments.
Users of Binance Pay will also have the capability to recharge prepaid mobile credits through Binance Pay using the exchange app.
Beyond Brazil, Binance Pay has established partnerships in Argentina, notably with travel agency Despegar, and subsequently with Credencial Payments and remittance fintech Vita Wallet. The service has also extended its reach to Mexico and Colombia through collaborations with Despegar.
In Brazil, Latam Gateway functions as Binance‘s payment service provider. Binance Pay operates in partnership with payment institutions that are appropriately licensed by the Central Bank of Brazil, ultimately overseeing the processing of payment activities.
