Binance has achieved an impressive milestone in its expansion plans as the crypto exchange has launched its payment service, Binance Pay, in Brazil. With Binance Pay, merchants in Brazil can now accept cryptocurrency payments, offering customers low fees.
Moreover, this service offers users access to real-time transaction payment processing and fast speed. In addition, Binance Pay allied with new partners such as WordPress, Weo Games, Valorant, and more.
Binance Pay Enters Brazil With Strategic Partnerships
The August 22 announcement noted that Brazilian-based Binance Pay users could use cryptocurrencies to pay for WordPress services and Weo Games. It enables merchants to offer alternative payment methods to customers at a higher speed and reduced costs. This can attract new clients, increase merchants’ profits, and expand Binance’s user base.
The announcement also disclosed that Binance Pay allows Brazil-based merchants to choose a preferred payment method. They can receive payment from customers in Brazilian Real or cryptocurrency directly from their digital wallets.
The payment service supports over 70 cryptocurrencies, including Bitcoin, Binance Coin (BNB), Ethereum (ETH), and Tether USD (USDT).
Binance’s general manager in Brazil, Guilherme Nazar, commented on the development. According to the executive, the launch marks another milestone in mainstream crypto adoption as a payment option. Furthermore, Nazar noted that Binance Pay will allow businesses to enjoy high transaction processing speed and low costs, with added security.
Besides, he confirmed that Binance Pay will help increase the number of potential new clients for Merchants who adopt it.
Since its introduction in 2021, Binance Pay has consistently expanded its reach, gaining over 12 million active users. Also, it boasts over $98 billion in processed transactions so far.
Notable strategic partners, including the online gaming store Weo Games, support Binance Pay’s Brazilian debut. Users can access popular games, such as Free Fire, League of Legends, etc., on Weo Games through Binance’s payment feature. Binance Pay users can also subscribe to prepared mobile phone credit through Binance Pay on the Binance app.
Crypto Payments Gains Massive Adoption
Bitcoin and other cryptocurrencies are growing in popularity as a peer-to-peer payment method. The enhanced transaction speed, anonymity, low cost, and security they offer have made them an attractive alternative to fiat payment options.
A survey by accounting firm Deloitte confirms this assumption. The survey found that almost three of four US consumer businesses intend to integrate crypto payments by 2023 year-end.
Also, Deloitte discovered that 87% of the surveyed businesses agreed that accepting crypto payments would grant them a competitive edge. Furthermore, integrating crypto payments allows merchants to offer various options, accommodating customer preferences.
In addition, the Binance Pay announcement revealed that crypto payments allow merchants to improve user experience through innovation.
Notably, the latest move allows Binance to explore Brazil’s growing crypto market. In September 2022, leading on-chain analytic firm Chainalysis published a report on the Global Crypto Adoption Index. The report recognized Brazil as one of the countries with the highest rate of crypto adoption, ranking 7th worldwide.