Binance launches Binance Pay in Brazil
Binance has launched its Binance Pay service in the Brazilian market, ushering in fresh prospects for local businesses and clients to engage in swift and user-friendly crypto transactions.
With the introduction of Binance Pay, Brazilian merchants can readily accept payments for their products and services in both Brazilian reals and a diverse array of cryptocurrencies, all directly into their digital wallets. This innovation not only expedites the payment process but also avoid additional fees. This factor is poised to play a pivotal role in driving the growth of the digital economy within the country.
The service boasts compatibility with over 70 cryptocurrencies, including well-known options such as BTC, USDT, BNB, and ETH. This extensive spectrum of supported cryptocurrencies is poised to cater to the varied preferences of a wide-ranging clientele.
Guilherme Nazar, who oversees Binance’s operations in Brazil, emphasised the significance of Binance Pay’s launch for the country. This launch is especially relevant due to the rapid evolution of Brazil’s crypto sphere. As per the findings of the Global Crypto Adoption Index’s 2022 report, Brazil holds the 7th position worldwide in terms of crypto asset integration.
One of Binance Pay’s partners in Brazil is the Weo Games game store which features popular titles like League of Legends, Free Fire, and Valorant. Notably, Weo Games holds the distinction of being the first gaming platform in Latin America to facilitate cryptocurrency payments.
Binance Pay has also forged significant alliances, including one with WordPress. This step underscores Binance commitment to diversifying its partnerships and expanding its reach.
During the spring of this year, Binance Pay made aт entry into the Argentine market, establishing a valuable partnership with Despegar, a travel agency. Concurrently, Binance Pay extended its precense in Mexico and Colombia through strategic collaborations with local branches of Despegar.
Binance’s representatives have stated that Binance Pay could become a formidable contender against big companies like PayPal. In a collaboration with Ingenico in February, Binance Pay launched crypto payments in stores across France, signifying its ongoing efforts to make digital transactions more mainstream and accessible.