With support for more than 100 cryptocurrencies, this launch signifies Binance Pay’s integration with Brazil’s popular national Pix payment network.
Transactions are completed in a matter of seconds, and the digital asset’s value is promptly converted to Brazilian reais. In order to facilitate instantaneous payments in local currency using cryptocurrencies and transfers to any individual or merchant across the largest country in Latin America, Binance, the largest cryptocurrency platform in the world by trading volume and user count, has integrated its payment solution, Binance Pay, with Brazil’s Pix system. Because to the integration, Brazilian Binance users may now instantly transfer funds to any bank account or pay Pix-accepting merchants straight from their Binance exchange accounts. Transactions are completed in a matter of seconds, and the digital asset’s value is promptly converted to Brazilian reais.
With support for more than 100 cryptocurrencies, this launch signifies Binance Pay’s integration with Brazil’s popular national Pix payment network, integrating cryptocurrency into daily life and facilitating consumers’ usage of digital assets in real-world transactions.
Richard Teng, CEO of Binance, says:
Guilherme Nazar, Binance’s regional vice president for Latin America, adds:
Since its debut in 2020, the Central Bank of Brazil’s Pix quick payment service has been becoming more and more popular among Brazilians. According to statistics from the authorities, the service is being used by over 174 million individuals and many organizations nationwide, completing almost 6 billion transactions each month.
Pix is already used by 76.4% of Brazilians, more than cash (68.9%) and debit cards (69.1%), according to the Central Bank’s “Brazilians and their Relationship with Money” survey.
Nazar added:
According to research from the Triple-A consultancy, 17.5% of Brazilians now possess some kind of digital asset, making it the sixth-largest market in the world for cryptocurrency adoption. According to a recent Instituto Locomotiva poll for Binance, 42% of Brazilian investors are already exposed to digital assets, which is the same amount as those who hold equities and investment funds.
Click here to find out how to utilize Pix with Binance Pay.