Binance, the largest global infrastructure provider for the blockchain and cryptocurrency ecosystem, launched Binance Pay in Brazil today, enabling local merchants to offer a new payment alternative that can attract new customers, increase processing speeds and reduce costs.

Binance Pay is a secure, borderless contactless cryptocurrency payment option that supports over 70 cryptocurrencies, including bitcoin, BNB, ether (ETH), and USDT. Users pay no fees, while merchants and vendors can accept payments using a solution that securely transfers funds from wallet to wallet in seconds. Merchants residing in Brazil can choose to receive payment in Reais or keep the cryptocurrency directly in their wallet.

"Payment is one of the most popular use cases for cryptocurrencies, which has seen a continued increase in adoption. Businesses and merchants can benefit from the speed of processing, low costs and security provided by Binance Pay. We expect the launch to be especially relevant for companies in Brazil, as the country records one of the highest rates of increase in cryptocurrency adoption. By accepting cryptocurrencies as a payment method, they will expand the range of potential new consumers," said Guilherme Nazar, general director of Binance in Brazil. .

Accepting cryptocurrencies can be a great way for retailers to support customer preferences, improve user experience, attract new clientele - especially younger groups - and help them define themselves as innovators.

In 2022, leading blockchain analysis company Chainalysis published the Global Cryptocurrency Adoption Index, showing that Brazil ranks 7th in cryptocurrency adoption worldwide.

Since its first launch in 2021, approximately 12 million users have registered with Binance Pay, with over $98 billion processed in payment volumes to date. Thousands of merchants around the world, from pharmacies to mobile data providers, have been onboarded to accept our cryptocurrency payment solution.

In Brazil, Binance Pay debuts with some partners, from Weo Games, a games store that includes products from popular games such as Free Fire (Garena), Valorant and League of Legends (Riot Games), to website builder WordPress, which offers the WooCommerce eCommerce plugin. Weo Games is the first gaming platform in Latin America to accept payments with cryptocurrencies.

Users will also be able to recharge prepaid cell phones through Binance Pay on the exchange's app.

In Argentina, Binance Pay signed a partnership, in March this year, with the travel agency Despegar, later with Credencial Payments and the remittance fintech Vita Wallet. Partnerships with Despegar were also announced in Mexico in May and in Colombia in July.

Binance Pay is a service carried out in partnership with payment institutions duly licensed by the Central Bank of Brazil, which is the authority responsible for processing payment activities. Latam Gateway is Binance's payment service provider in Brazil.

How to integrate Binance Pay

To pay for their purchases with cryptocurrencies, consumers in Brazil follow a similar path to Pix payments based on fiat currencies. Merchants can add Binance Pay access to their payment flow.

Customers can pay via Web Checkout or the Binance app by scanning the QR Code. For each purchase, they can select the tokens available in their wallet for payment, choosing the most appropriate one at the time. Companies and merchants interested in integrating the service can do so by accessing Binance Pay.

Why use Binance Pay

Binance Pay integration allows merchants to:

  • Broaden your customer base: By accepting cryptocurrencies as payment, merchants can serve a growing market of cryptocurrency-savvy buyers who prefer to use crypto assets over traditional payment methods.

  • Enhance security: Binance Pay offers both merchants and customers a secure and reliable payment solution, ensuring transactions are secure.

  • Offer a seamless shopping experience: Binance Pay integration allows merchants to offer a simple and user-friendly checkout process for customers.