Binance has launched its instant payment service, Binance Pay, in Brazil. In a blog post on August 22, 2023, the crypto exchange noted that the move was to allow local merchants to offer a new payment alternative to their customers.
Binance Pay is a contactless, secure payment service that facilitates quick and seamless crypto transactions. The service supports over 70 cryptocurrencies, including popular options like Bitcoin, Ether, Binance Coin, and Tether’s USDT.
With the launch in Brazil, local merchants can now accept payments in either Brazilian Real or cryptocurrency directly to their wallets through Binance Pay. Customers using the service will incur no fees, and merchants can promptly accept and verify payments from their customers in mere seconds.
Binance Brazil’s General Manager, Guilherme Nazar, highlighted the potential benefits for local businesses: “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.“
The crypto exchange also announced it has already formed partnerships with Weo Games and WordPress, both of which have embraced Binance Pay as a payment solution.
Away from its woes in North America, Binance is taking significant strides in the Central and South America region. Binance had earlier announced that it had obtained the required licences to provide cryptocurrency-related services to the citizens of El Salvador. The exchange secured a pair of licences: the first one was a Bitcoin Services Provider license (BSP) from the El Salvador Central Reserve Bank (Banco Central de Reserva), and the second was a non-provisional Digital Assets Services Provider license (DASP) from the National Commission of Digital Assets.
Binance’s ongoing pursuit of local licenses in key global markets is marked by its achievements, as the exchange has managed to secure approvals and registrations in 18 markets around the world.
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