Binance has introduced its Binance Pay cryptocurrency payment option in Brazil, aiming to support local merchants in attracting new customers.
Binance has introduced Binance Pay as a new payment option for local businesses in Brazil, providing an alternative way to accept payments. This solution aims to attract new customers, streamline transactions, and reduce operational expenses. Binance Pay supports over 70 cryptocurrencies, including popular ones like bitcoin, BNB, ether, and USDT.
Users are not charged any fees, and transactions are securely processed through a wallet-to-wallet transfer system. Brazilian merchants can receive payments in either Brazilian Real or cryptocurrency directly to their wallets.
Binance’s representatives in Brazil highlight the significance of this launch for businesses, given the country’s growing crypto adoption. By accepting cryptocurrency payments, these businesses have the potential to broaden their customer base.
According to a Deloitte survey, many US consumer businesses plan to accept crypto payments by the end of 2023, viewing it as a competitive advantage. In 2022, Chainalysis ranked Brazil as the 7th country globally in crypto adoption.
Expansion of products and collaborations
Binance Pay has made its entry into Brazil through partnerships with businesses like Weo Games, a gaming store, and WordPress with its WooCommerce plugin for ecommerce. Weo Games stands out as the first gaming platform in Latin America to accept crypto payments. Binance Pay users in Brazil can also recharge prepaid mobile credits using the feature on the exchange app.
Beyond Brazil, Binance Pay has also established collaborations with businesses and fintech firms in Argentina, Mexico, and Colombia. In Brazil, Binance Pay works with Latam Gateway as its payment service provider, ensuring compliance with regulations set by the Central Bank of Brazil for payment activities.
In Brazil, consumers can use Binance Pay in a manner similar to the popular Pix payment method. Merchants can integrate Binance Pay into their checkout process, enabling customers to pay through web checkout or the Binance App by scanning a QR code. This user-friendly approach allows customers to choose the cryptocurrency token from their wallet for making payments.
For merchants, integrating Binance Pay comes with advantages such as access to a wider customer base that prefers crypto payments, improved security features, and a streamlined shopping experience for their clients.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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