Cryptocurrency exchange Binance has launched the Binance Pay crypto payment option in Brazil to help local merchants attract new customers. This new payment solution offers local businesses an alternative method for accepting payments, potentially attracting new customers, expediting transaction processing, and lowering operational costs.

Binance Pay supports over 70 different cryptocurrencies, including popular ones such as bitcoin, BNB, ether, and USDT. Users are not charged any fees, and merchants can accept payments through a secure wallet-to-wallet transfer system that completes transactions quickly. Moreover, Brazilian merchants have the option to receive payments in either Brazilian Real or cryptocurrency directly into their wallets.

Binance representatives in Brazil emphasised the relevance of this launch for businesses due to the country's notable increase in crypto adoption. By accepting cryptocurrency payments, these businesses could potentially expand their customer base. According to a Deloitte survey, a significant portion of US consumer businesses plan to accept cryptocurrency payments by the end of 2023, with many believing it could give them a competitive edge.

In 2022, Chainalysis, a blockchain analysis firm, ranked Brazil as the 7th country globally in terms of crypto adoption. Product expansion and partnerships In Brazil, Binance Pay has debuted with partners such as Weo Games, a gaming store offering products from popular games, and WordPress, which includes the ecommerce plugin WooCommerce. Weo Games is notably the first gaming platform in Latin America to accept cryptocurrency payments.

Users of Binance Pay in Brazil also have the option to recharge prepaid mobile credits through the Binance Pay feature on the exchange app. Beyond Brazil, Binance Pay has formed partnerships in Argentina, Mexico, and Colombia with various businesses and fintech companies. Binance collaborates with Latam Gateway as its payment service provider in Brazil.

Binance Pay operates in partnership with duly licensed payment institutions sanctioned by the Central Bank of Brazil, overseeing payment processing activities. To utilise Binance Pay, consumers in Brazil follow a process similar to the Pix payment method. Merchants can integrate Binance Pay into their checkout processes, allowing customers to pay through web checkout or the Binance App by scanning a QR code.

Customers can select the cryptocurrency token from their wallet that they wish to use for payment. Integrating Binance Pay offers merchants several benefits, including access to a broader customer base that prefers cryptocurrency payments, enhanced security features, and a seamless shopping experience for clients. .