Binance, the world's leading blockchain and cryptocurrency infrastructure provider, launched Binance Pay in Brazil, enabling local merchants to offer a new alternative for payment that may 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 (BTC), BNB, ether (ETH), 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 Brazilian Real or in crypto directly to their wallets.
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."
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.
In 2022, the leading blockchain analysis firm Chainalysis published the Global Crypto Adoption Index report, in which Brazil figures 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 solutions.
In Brazil, Binance Pay debuts with a few partners, from Weo Games, a gaming store that includes products from popular games such as Free Fire (Garena), Valorant, and League of Legends (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 will also be able to recharge prepaid mobile credit through Binance Pay on the exchange app.
In Argentina, Binance Pay partnered in March this year with travel agency Despegar and later with Credencial Payments and remittance fintech Vita Wallet. Binance Pay also announced its partnerships with Despegar in Mexico in May and Colombia in July.
Latam Gateway is Binance’s payment service provider in Brazil. 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 for 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 a QR Code. For each purchase, they can select the token available in their wallet for payment, selecting the most suitable at the moment.