Binance Pay enters Brazil after processing nearly $100 billion since launch
“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.”
Binance has announced the launch of its payments service in Brazil to enable local merchants to offer a new alternative for payment that may attract new customers, increase processing speed, and reduce costs.
Binance Pay provides local merchants with a cryptocurrency payment option that supports over 70 cryptocurrencies, including bitcoin (BTC), BNB, ether (ETH), and USDT.
Latam Gateway is Binance’s payment service provider in Brazil
Users pay no fees, while merchants and providers can accept payments using a solution that safely transfers funds from wallet to wallet in seconds. Binance Pay users will also be able to recharge prepaid mobile credit through Binance Pay on the exchange app.
Globally, Binance Pay has reached over 12 million active users, with over $98 billion processed in pay volumes to date, having first launched in 2021.
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.
“Brazil registers one of the highest crypto adoption increase rates”
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.”
With Binance Pay, Brazil-based merchants will be able to receive payments in Brazilian Real or crypto directly to their wallets. The service has already gone live in Brazil with a few partners, including Weo Games, a gaming store that includes products from popular games such as Free Fire (Garena), Valorant, and League of Legends (Riot Games), and website builder WordPress, which offers the e-commerce plugin WooCommerce.
