Binance has achieved significant success in its expansion strategy with the launch of its Binance Pay payment service in Brazil. This move enables merchants in Brazil to accept cryptocurrency payments and provide customers with cost-effective options. Binance Pay enables real-time transaction processing and fast speeds, with additional strategic partnerships.
The Aug. 22 announcement highlighted the use of cryptocurrencies for payments among Brazil-based Binance Pay users, which also extended to services such as WordPress and Weo Games. This allows merchants to offer faster and more economical payment alternatives, potentially attracting new customers and increasing Binance’s user base.
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Since its launch in 2021, Binance Pay has grown steadily, with more than 12 million active users
Specifically, Binance Pay allows Brazilian merchants to choose their preferred payment method, including receiving payments in Brazilian reals or cryptocurrency directly from their digital wallets. The service supports over 70 cryptocurrencies including Bitcoin, Binance Coin (BNB), Ethereum (ETH), and Tether USD (USDT), and embodies versatility.
Guilherme Nazar, General Manager of Binance in Brazil, emphasized the importance of this milestone for the general adoption of cryptocurrencies as a payment solution. Nazar highlighted the benefits of Binance Pay, including increased transaction speed, lower costs, and increased security, all of which can contribute to business growth.
Since its launch in 2021, Binance Pay has grown steadily, with more than 12 million active users and processing over $98 billion worth of transactions. Strategic partnerships, such as the collaboration with Weo Games, a popular online gaming store, support Binance Pay’s market entry in Brazil. Through Binance Pay in the Binance app, users can access popular games and even subscribe to mobile credits.
The general trend of crypto payments gaining wide acceptance is evident
The characteristics of cryptocurrencies such as fast transactions, low fees, and security make them an attractive option for peer-to-peer payments. A Deloitte survey found that nearly three-quarters of U.S. consumer businesses plan to integrate crypto payments by the end of 2023. Businesses recognize the competitive advantage and alignment with user preferences that crypto payments offer.
Binance’s strategic move aligns well with Brazil’s high crypto adoption rate, as confirmed by Chainalysis’ Global Crypto Adoption Index. In a broader context, this expansion into Brazil reflects the growing recognition of cryptocurrencies as viable payment solutions on a global scale.
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