The Brazilian crypto market has something new. A Binance, cryptocurrency exchange with the highest traded value in the world, launched this Tuesday, 22, o Binance Pay. This is a digital asset-focused payment method that offers support and wallet for more than 70 cryptocurrencies.
Among the names are the popular Bitcoin (BTC), BNB, Ethereum (ETH) e Thereum (USTH). The solution allows merchants to forward received coins to a digital wallet or, then, make automatic conversion to reais. One of the main benefits is that the transaction has a low cost when compared to cryptos acquired by cards.
Another feature of Binance Pay is to top up using cryptocurrencies. Right on its debut in Brazil, the payment method is already operating with important names. In addition to several establishments, The WordPress website builder and the Weo Games game store also offer this payment feature.
Binance Pay: how will it work?
Valid for digital and physical purchases, the use of the new feature is already known among investors and users of digital payments. Like this, Binance partner sites should show the option to pay with Binance Pay right at checkout.
Payment in physical stores, although, must be done using a QR Code provided to the user, which you can scan using the Binance app on your cell phone. The processing of transactions via Binance Pay will be carried out by the Latam Gateway payment gateway, who obtained the license through the Central Bank.
Another important point is that Binance's new feature is free of charge for its users and existing partners.. Launched globally about two years ago, Binance Pay was already available in Latin America, to Argentina, Colombia and Mexico, who don't have an instant payments system as successful as Pix.
Positive predictions
Binance stated that the profile of Binance Pay partners is aligned with the tendency of Brazilians to invest in new technologies. According to a study conducted by the company Chainalysis, specialized in blockchain and data analysis, Brazil occupies 7th place in the world ranking of cryptoactive adoption.
“Our bet is that, the more utility we can offer, more will be beneficial for crypto to gain traction and penetration over time”, said Guilherme Nazar, general director of Binance in Brazil. Furthermore, the company believes that the new feature can be a complement to the use of Pix, especially for attracting new customers.
At the moment, the Binance Pay payment method has 12 millions of registered users since the moment of its launch, counting U$S 98 billions processed. Until July this year, the amount moved had already exceeded the year of 2022 whole.
