A recent report revealed that the giant crypto exchange Binance, has launched a new branch in Brazil named Binance Pay. This branch would enable merchants in the country to start exceptional digital assets as payment from citizens, according to the report.
Yet again, Binance Exchange has made huge progress in its quest to extend its operations across the planet. In its latest achievement, the giant exchange launched a new payment branch, Binance Pay, in Brazil. The new platform allows Brazilians to settle their bills with crypto assets using any merchant that supports the new development.
According to the report, the new operation would provide users with speedy transaction payment processing alongside secured and low-cost transactions. Furthermore, Binance Pay forms partnerships with some real-time entities like Valorant, Weo Games, WordPress, and others to give users a unique and fun-filled payment experience.
Binance Pay Enters Brazil With Strategic Partnerships
In addition, Binance announced on Tuesday that its new branch based in Brazil enables users to pay for WordPress Services and Weo Games with digital assets. In addition, it stated that Binance Pay offers higher transaction speed at minimal costs, thereby helping merchants to drive up sales and profits as it attracts new users. And generally, it helps to expand Binance’s community.
Binance Pay Gains Massive Adoption a Few Hours After Launch
Furthermore, the giant exchange disclosed in its announcement that the newly launched payment platform allows merchants to select their preferred payment approach as they can either receive payments in crypto assets via digital wallets or collect Brazilian Real from customers. Also, the new payment method backs more than 70 digital assets such as Bitcoin, Ethereum, Tether, Binance Coin, etc.
Guilherme Nazar, the general manager of Binance Pay, remarked on the latest development stating that it marks another significant progress towards improving the adoption of crypto as a payment method globally. Bazaar further stated that the new payment platform would let users enjoy secured and faster transaction payments at low costs.
In addition, the general manager added that Binance Pay would tremendously increase the number of new customers for Merchants who will adopt it. Notably, since it was established, Binance Pay has tremendously grown, amassing more than 12 million active customers and counting. More so, it has recorded about $100 million in processed payments.
Furthermore, reports showed that famous entities such as Weo Games, an online gaming firm, actively supported the launch of Binance Pay. As such, users can play games like League of Legends, Free Fire, etc. on the gaming platform using Binance Pay facilities. More so, using the Binance app, users can buy credit for their mobile phones using their Binance Pay identity.
Crypto Payment Adoption Grows Rapidly In The World
Meanwhile, Bitcoin and other altcoins are continuously growing in adoption as the most favored peer-to-peer payment means globally. They offer seamless, faster, low-cost, and more secure transaction processes than fiat currency, hence the reason for its widespread growth.
Deloitte, a crypto analytic firm, recently conducted research to buttress the rapid adoption of crypto payment and its report stated that three out of four consumer firms in the US plan to incorporate crypto payment options into their business before 2024.
In addition, the research pointed out that 87% of its correspondents admitted that enabling the crypto assets payments option would drive their business forward and give them a competitive advantage. More so, it would allow them to present more options to their users to choose based on preference.
Notably, Binance Pay highlighted during its launching that crypto payment enables merchants to use innovative means to enhance user experience. Meanwhile, it is worth noting that the latest development enables Binance to further access and lead the growing crypto market in Brazil. Chainalysis, a prominent crypto analytic firm, stated in a Global Crypto Adoption report in September last year that Brazil is one of the countries experiencing rapid crypto adoption in the world, coming 7th in a global ranking.
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