Binance, a major cryptocurrency exchange, has launched its cryptocurrency payment processor, Binance Pay, in Brazil, aiming to simplify the cryptocurrency payment process for local merchants, according to a Binance announcement.
Compared with traditional payment processors, Binance Pay offers faster transaction speeds and lower costs, and can be paid with more than 70 cryptocurrencies.
Supported cryptocurrencies include Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH) and Tether (USDT), as well as a range of other cryptocurrencies, and merchants can choose to receive in Brazilian Real or cryptocurrency payment.
Commenting on the milestone of Binance Pay, Guilherme Nazar, General Manager of Binance Brazil, emphasized the importance of the product launch for Brazil, a country that has seen significant growth in cryptocurrency adoption.
He also emphasized that the fast processing, cost-effectiveness and security of Binance Pay could have a profound impact on local businesses.
“By accepting cryptocurrencies as a payment method, they will increase the potential new cohort of consumers,” Nazar said.
The global adoption of cryptocurrency payments is booming, with Binance citing a Deloitte survey showing that nearly two-thirds of U.S. consumer businesses plan to integrate cryptocurrency payments by the end of 2023.
In the announcement, Binance also referred to Chainalysis’ 2022 Global Cryptocurrency Adoption Index, which shows that Brazil ranks seventh in cryptocurrency adoption globally.
Binance Pay has grown to over 12 million active users since its launch in 2021 and works with a variety of global merchants, from game stores like Weo Games to WordPress, including its WooCommerce plugin.
The expansion of Binance Pay is not limited to Brazil, it is aggressively entering other Latin American markets.
In Argentina, it already has partnerships with businesses such as travel agency Despegar and fintech company Vita Wallet.
The launch of Binance Pay in Brazil is made possible through Latam Gateway, a payment service provider operating in partnership with payment institutions authorized by the Central Bank of Brazil.