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Binance Pay Launches in Brazil Amid Growing Crypto Adoption
Binance launched Binance Pay in Brazil on Tuesday as South America's largest country continues to witness rapid crypto adoption.
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Binance Pay, a borderless payment method designed to enable instant, low-fee crypto transactions, was launched in Brazil. According to the Tuesday announcement, the solution will allow Brazilian merchants to receive payments in Brazilian Real or dozens of cryptocurrencies within seconds.
What is Binance Pay?
Binance announced on Tuesday the launch of Binance Pay in Brazil, providing local merchants with a new method for accepting payments.
Developed to reduce processing speed and payment fees, Binance Pay is a contactless, borderless, and secure crypto payment option that supports more than 70 cryptocurrencies, including Bitcoin, Ether, Binance Coin, and Tether’s USDT. With Binance Pay, users are charged no fees, while merchants can accept and execute payments in seconds.
Furthermore, the local merchants can choose between receiving the funds in Brazilian Real or crypto directly to their wallets.
“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 row of potential new consumers.”
– said Guilherme Nazar, general manager for Binance in Brazil.
Since the service’s 2021 launch, Binance Pay has attracted over 12 million active users, with over $98 billion processed in pay volumes. Binance Pay begins its Brazil debut with a few significant partners, including gaming store Weo Games and web content manager WordPress.
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Rising Crypto Adoption in Brazil and Latin America
The launch of Binance Pay in Brazil comes from years-long rising crypto adoption in South America’s largest country. Per Chainalysis’s 2022 Global Crypto Adoption Index report, Brazil ranked 7th for worldwide crypto adoption.
The growing number of crypto users continued into 2023. According to the latest report by the Federal Revenue Service (FRB), over 3.2 million individuals and more than 89,000 registered Brazillian businesses actively engaged in crypto operations in June. In the meantime, Brazil also ramped up its efforts to develop a central bank digital currency (CBDC).
Crypto adoption has increased in other Latin American nations, including the inflation-struck Argentina. Ownership of digital currencies in Argentina rose substantially earlier this year as the national currency continued to tumble amid over 100% inflation. However, Argentina’s central bank banned financial payment service providers from offering crypto transactions in May, citing a necessity to “mitigate risks” related to digital assets.
Could Latin America become one of the leading global crypto hubs? Let us know in the comments below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
