Cryptocurrency payments in Brazil will look to accelerate after Binance Pay has officially launched in the South American country.
Binance’s payment division will enable local merchants to offer payment capabilities in up to 70 cryptocurrencies, including Bitcoin, Ether, USDT and more.
Customers seeking to make crypto payments will have no fees attached when using Binance Pay as merchants can accept the payment solution that securely transfers funds from their wallets in a matter of seconds.
Guilherme Nazar, General Manager, Brazil, Binance said: “Payments 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 number of potential new consumers.”
Brazil has become one of the most crypto-friendly countries in the world over the last several years, with Chainalysis ranking it seventh for crypto adoption in its Global Crypto Adoption Index report for 2022. The country also signed off a bill that saw the trading of crypto become legal and fully regulated.
Binance Pay will hope to accelerate this crypto interest by providing payment capabilities alongside several partners. Binance Pay will partner with firms such as Weo Games and WordPress to embed crypto payment functionality into the respective sites.
Since launching in 2021, Binance Pay has amassed over 12 million users processing over $98bn in crypto payment volume.
